The healthcare industry is growing at a fast pace with some ground-breaking advancements. This has also led to an increase in the life span of people with many living well into their 90s and requiring healthcare services for at least 30 years on an average. Another factor benefitting healthcare companies is that the people from the high birth rate era are getting older now.
With such a huge demand for healthcare services, many companies in this sector are fighting for the top spot. We have put together a list of 10 of the best healthcare companies in the world which many people rely on.
Here are the top 10 Best Healthcare Companies in The World in 2017-2018
10. Stryker (2016 Revenue-11.3 Billion USD) –
The Company has a big reputation in many markets and has expanded its profits over the years. Stryker Corporation is known for making surgical and medical products which include hospital beds, orthopedic implants and endoscopic equipment. Styker’s main focus is on reconstructive implants which gives the company an edge over its competitors. The company supplies many healthcare systems and hospitals, and also took over Trauson to make its presence felt in the orthopedic market of China.
9. Aetna (2016 Revenue-2.3 Billion USD) –
More than 24 million people use healthcare products created by Aetna, Inc. The company also recently acquired Humana and provides health insurance products, indemnity benefits, POS, PPOs and HMOs. The company has grown even further after CEO Mark Bertolini raised the minimum wages. This made the workers more productive and benefited the company. It is now one of the most profitable healthcare companies in the world.
8. Thermo Fisher Scientific (2016 Revenue-18 Billion USD) –
The Company was created by the merger of Fisher Scientific and Thermo Electron Corporation in 2006. Thermo Fisher Scientific has an array of products such as laboratory equipment, services, software, reagents, chemicals, consumables and analytical instruments. These are supplied to biotech and pharmaceutical companies, diagnostic labs and hospitals. Many healthcare professionals, researchers and scientists benefit from the products developed by Thermo Fisher Scientific or its acquisitions. It is also one of the top most suppliers in the industry with annual sales of $17 billion.
7. Cardinal Health (2016 Revenue-121.5 Billion USD) –
Cardinal health holds a very important position in the pharmaceutical industry and is trusted by many local suppliers and caters many ambulatory centers, hospitals and physicians. The company acquired Johnson & Johnson’s Cordis Heart business and is focusing on expanding to support more advanced healthcare services. Cardinal health is not just a drug wholesaler but also makes surgical apparel and gloves for medical use. The company has also entered into a partnership with CVS Caremark for a cheaper supply of generic products. This has resulted in cost cutting and boosted the efforts of the company to expand its business.
6. Johnson & Johnson (2016 Revenue-71.9 Billion USD) –
Johnson & Johnson is known for its pharmaceutical segment and has multiple platforms with sales of over $1 billion a year. The company also sold its Cordis heart product business for $2 billion to Cardinal Health. This decision was taken during the company’s attempt to focus on other growth opportunities. CEO Alex Gorsky plans to continue this growth in the coming years and is also working towards the launch of new and improved pharmaceutical products.
5. Express Scripts Holdings (2016 Revenue -100.5 Billion USD) –
In 2012, the company bought Medco Health Solutions for $30 billion approximately. This placed Express Scripts Holdings as the top pharmacy benefits manager and doubled the revenues of the company. The Affordable Care Act increased the number of insurance patients and this added to the profits of the company. Express Scripts also looks to focus on the growing specialty drug market while providing lower costs to consumers. Many investors have turned their attention to Express Scripts Holdings in an effort to achieve long-term growth.
4. Walgreens Boots Alliance (2016 Revenue-117.4 Billion USD) –
A merger of Alliance Boots and Walgreens in December 2014 led to the creation of Walgreens Boots Alliance. It is the first global healthcare enterprise owned by a pharmacy and does business in more than 25 countries with an employee base of 400,000. It has one of the largest distribution networks in the world and is also recognized as the top most pharmaceutical wholesaler globally. The 390 distribution centres deliver to a variety of customer database in over 20 countries. In an effort to reduce the cost of prescription drugs and expand the supply, Walgreens Boots Alliance has also become one of the largest buyers of prescription drugs. The company also received the top spot in the 2017 list of Fortune Magazine’s World’s Most Admired Companies.
3. CVS Health (2016 Revenue-177.5 Billion USD) –
In a deal of approximately $1.9 billion, CVS Health acquired all the pharmacies owned by Target and this added to the company’s goal of becoming a full-fledged healthcare services provider. The company also acquired Caremark RX in an effort to reach the increasing number of aging population requiring medical care. CVS holds the second spot among pharmacy benefits management companies in US and is also the largest retailer of prescription drugs in the country. It is also the first one of its kind to discontinue keeping tobacco products in its stores. CVS has more than 9,600 pharmacy store locations and serves more than 5 million customers through retail pharmacies daily. The company believes in innovation and also boasts more than 1100 Minute Clinic locations throughout the US.
2. United Health Group (2016 Revenue-184.8 Billion USD) –
This is the largest US healthcare company and has been majorly investing in Optum, which takes care of its health services market including data analytics and pharmacy benefits manager (PBM). The PMB memberships of the company received a boost when it acquired Catamaran for $12.8 billion. The membership database of almost 65 million members under PBM allowed the company to get better prices from drug manufacturers. The total number of patients served by United Health Group has reached almost 90 million and is growing at a rapid pace.
1. McKesson (2016 Revenue-190.8 Billion USD) –
McKesson is a provider of medical and pharmaceutical products along with business services to hospitals, healthcare service providers and retail pharmacies globally. Other services include clinical and technical support to specialty practices, products for pharmaceutical and biotech manufacturers and products and services for the non-hospital market. The company was founded in 1833 and is one of the largest pharmacy chains delivering one-third of all pharmaceutical used in North America every day. The company holds 5th position in the Fortune 500 list, placing it among the best healthcare companies in the world.
The list proves that the healthcare industry deals in huge amounts of revenues with a fair share distributed among the top competitors. All the companies mentioned above have good global reputation and are trusted by many users of their products. The dependence of people on healthcare services and products means that the industry is sitting in the middle of a boom with all the top healthcare companies trying to come out with the best innovations. This period can easily be termed as the golden era for the healthcare industry and we are bound to find a variety of options when it comes to choosing the best healthcare provider for us.