Q1 2023 tech and retail giants in healthcare: Alphabet dominates; CVS continues purchasing frenzy
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By Sahrah Surajdeen · Apr 23, 2023
Q1 2023 tech and retail giants in healthcare: Alphabet dominates; CVS continues purchasing frenzy
Alphabet has emerged as the undisputed leader in healthcare activity, accounting for 33% of total healthcare activity and 52% of Big Tech activity in Q1 2023. The tech giant continued to make waves in the primary care sector, particularly in hospital interoperability (17.5% of all healthcare activity), while demonstrating an active interest in mental health and silver economy tech. In the pharma and life sciences domain, Alphabet partnered with Bayer for AI drug discovery and invested in promising startups in large-molecule and human gene editing. In contrast, Microsoft, Intel, and Oracle seem to prefer sticking to their respective areas of expertise in hospital-related technology (hospital management, interoperability, and clinical decision support systems). CVS Health led the pack among retail giants, accounting for over 70% of all retail activity in healthcare.
In terms of industries, the primary care industry was abuzz in Q1 2023, with 65% of all healthcare industry activity. The competition heated up when Amazon acquired One Medical and Walgreens Boots Alliance invested in VillageMD, prompting CVS to acquire Oak Street Health for a whopping USD 10.6 billion. While some industry experts were skeptical about the impact of the deal, given the numerous ambulatory sites and hospitals in the US, CVS is betting big on primary care with its second multibillion-dollar purchase in just seven months.
Our Q1 2023 update dives into the key themes and market moves made by both Big Tech and retail giants in the healthcare space.
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