Health is wealth. With this in mind, the healthcare industry has been steadily growing over the years with advances in technology and medicine that have increased the lifespan of humans. This prolonged lifetime has resulted in an increase in the need for medical treatment too. This increased life expectancy is what funds these behemoth healthcare companies. Generally, on hitting the age of 60-65 years people filed themselves in for some sort of a medical health insurance that protected them for another 20-30 years.
In the recent years, it is not quite unusual for people to make it to their 90s, which means almost 30 years of healthcare services. The baby boomers of 1946-1964 are the main contributors in the healthcare service utilisation. They are the main target of such colossus companies.
Over the years, many companies have increased their sales quickly adapting to the changing market conditions while some others have developed better medicines and technology that has drawn a huge section of the general public in. Listed below are top 10 best companies in the healthcare sector in 2018 that dominate the current world scenario.
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10. Express Scripts Holding
Having earned a revenue of $101.8 billion, Express Scripts is known as the largest pharmacy benefits manager of United States. The increasing number of patients taking insurance under the company has increased over the years. The company believes an increase in innovative treatments will ensure a huge revenue income.
9. Cardinal Health
The company hit the big list by scaling its revenue to a magnanimous $102.5 billion making huge profits from the inflation of the generic drugs. The company invests in drugs as well as gloves, and surgical apparels. Recently, it started developing stents required in operations and catheters too.
Seconding the list after McKesson, Amerisource Bergen is the second largest distributor of pharmaceuticals in the United States. It was the inflation in the prices of the generic drugs that boosted its sales and pushed the company to the top 5 list. It earned almost $136 billion revenue. Its alliance with Walgreens Boots that was undertaken in 2013 has given the company huge benefits ever since. The company has of recent, ventured into animal health industry and all the associated Veterinary drugs.
7. Unitedhealth Group
Upping its revenue by 20.4%, United Health Group has brought in revenue of almost $157.1 billion in 2016. More than 85 million patients are under its health care benefits and services. United Health Group is the largest health insurer in the United States. Lead by CEO, Stephen Hemsley the company also invests in a health services arm, called Optum. Optum has a pharmacy benefits manager (PBM) and other officials for managing the health data analytics. The company purchased Catamaran to double its PBM members to 65 million almost. This additional manpower is needed for bargaining drug prices with manufacturers and the likes.
In 2016 McKesson earned revenue of $181.2 billion and made a huge leap in this industrial race. It is the largest pharmaceutical distributor in the United States. Its incessant wholesale drug distribution has rocketed the company off to high limits. It commanded its presence in the global generic drug market for the first time in 2013 when it bought 50.1% of the German company. Besides this, the company has huge investments in software development and its corresponding implementation in the medical realm. The technology development unit has huge plans that are estimated to earn quite a large revenue. Electronic health records system, health planning and management, and revenue collection are various IT services provided by the company.
Celebrex is one of Pfizer’s most high-selling drugs has increased generic competition in the international market. The company made revenue of almost $48.9 billion. The company has major investments in trending drugs and also invests in additional software for health development sector.
Sales hit a $54.3 billion upping the revenue by 12% from the previous year, the company made huge profits in the last few years. Humana is soon to be merged into Aetna, another multidrug dealer company.
The company hit the global limelight when for the first time, its CEO Mark Bertolini announced an unexpected pay rise making its minimum wage $16 an hour. The Affordable Care Act launched by Aetna has completely changed the company’s business strategies. The company made earned revenue of almost $60.3 billion in the last year. The company offers HMOs, POS, PPOs and indemnity benefits over a million members.
2. Johnson & Johnson
The company is best known for its wildly popular brands like Johnson’s Baby and Band-Aids. Besides this, the company also invests in development and selling of other medical devices and prescription drugs. Most common drugs of the company include hepatitis C drug and Olysio. In recent years revenue has dropped a bit over the controversy over its talcum powder causing ovarian cancer. The company has earned a revenue of almost $70.1 billion.
Anthem is the second biggest health insurer in the United States after United Health Group. The company brought in a revenue of almost $79.2 billion last year. The company was previously known as Wellpoint and is an Indianapolis based company. In recent years, the company’s database had been hacked that leaked names, birthdays, and social security numbers of patients. Despite the breach, enrolment for insurance and drug development has been growing over the years,
Health companies have risen in the past years steadily. With the increase in lifespan of people, due to advance in technology and medicine these companies are required to provide services for longer time duration than usual. People live longer these days, almost making it to their 90s even. This results in need for insurance, and advance drugs, and injections for the last 20 to 30 years. The companies come in to the picture here and scale off their revenues hugely.
The animal industry is a growing one as people tend to keep pets over the passing years. These mammoth health care bureaucracies have begun merging and buying off other small companies to gain manpower and labour that helps them deal with bargains on drug prices. Last but not the least; the companies have extravagant policies that draw customers all around the world to benefit from their services. In the hunt for better treatment and health care services, these companies exist to serve people’s interest.