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New Report Spotlights Intensifying Rivalry Between Tech And Health-Care Companies

 
• By Marion Webb

More than 75% of Fortune 500 life-science companies may fall out of that ranking by 2023 amid rising competition from tech giants like Apple, Microsoft and Alphabet, as well as smaller tech players that offer data-driven health services and products that meet the needs of a changing value-based and consumer-driven health-care environment, according to a new Ernst & Young report.

Digital transformation (Wichy/Shutterstock.com)

In the changing health-care environment where improving patient outcomes, saving costs and providing patient-centric care is king, life-science and medtech companies with a single focus on developing products risk being outpaced and outsmarted by the rising crop of tech companies that offer a broad spectrum of data-driven health services, according to Ernst & Young's new report, "Progressions 2018 Life Sciences 4:0: Securing Value Through Data-Driven Platforms."

The report states that more than 75% of life-science Fortune 500 companies may fall out of the ranking by 2023 if they don't look beyond developing novel drugs and devices,...

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