Image Credits: Fierce Healthcare
Samsung e; Electronics has been finalized as the first-ever domestic tech company to join in reshaping the future of the healthcare sector through the healthcare program highlighted by US President Donald Trump. Samsung has long been involved in the relevant business, consisting of current acquisitions of US healthcare companies that have paved the way for new opportunities to emerge as a prominent center in the next-generation, reframed US healthcare market landscape, including the new program. On 14th September, Samsung Electronics was present at the ‘Make Health Tech Great Again (MHTGA)’ event conducted by President Trump at the white house in July as an individual Korean tech company.
The agent's motive was to highlight the need to develop a new health tracking system by merging big tech technology, healthcare solutions, and medical institution data under public leadership. The aim is to make it seamless for the US patients to reach medical institutions and health records to enhance service quality and bolster efficiency, also mitigating the high-cost structure of US healthcare.
The attendees of the event were about 70 representatives from the popular US big tech companies like Apple, Amazon, Microsoft, Google, and OpenAI, including US health solution, insurance, and hospital companies. Samsung Electronics was introduced by Park Heon-soo, head of the digital health team in the mobile experience (MX) division. The topic of the discussion was about the addition of extensive compatibility between IT devices and existing systems and the dispersion of healthcare systems. By achieving a position in a project based on US companies and medical institutions, Samsung Electronics has reserved a beneficial position in the future reframed US industry landscape. The United States held the largest market share of $4.9 trillion (around 6,821 trillion won) as of 2023, and it's ahead with the AI technology that is complementary to the US healthcare market and big tech, enabling health devices.
Samsung Electronics marked the medical device business as its fifth new skyrocketing business, including batteries and bio in 2010 during the time of the late chairman Lee Kun-hee, but didn’t receive the expected results. Whereas, now the situation has changed because of AI, which presents as an epicenter of synergy and healthcare with numerous IT devices. This has unlocked opportunities for Samsung Electronics to explore new businesses by integrating its IT device potency into the healthcare sector.
Reetuli Bansode, holding expertise in Healthcare Management, covers healthcare business and emerging health technologies for Towards Healthcare, delivering strategic insights and market trends through clear, data-driven, and engaging content.
