- TikTok parent ByteDance Ltd has scooped up one of China’s largest private hospital chains Amcare Healthcare for ~$1.5 billion, deepening a foray into health care, Bloomberg reports.
- Amcare Healthcare runs women’s and children’s hospitals in cities from Beijing to Shenzhen.
- Two ByteDance subsidiaries now own a combined 100% stake in Amcare.
- ByteDance’s healthcare app Xiaohe competes with Alibaba Group Holding Limited’s BABA Alibaba Health Information Technology Ltd, and Ping An Healthcare and Technology Co in online consultations, hospital appointments, and wellness services, a growing $89 billion sector boosted by nationwide measures to curb the pandemic.
- ByteDance, better known for giving Meta Platforms Inc META a run for its money, joins tech giants from Apple Inc AAPL to Amazon.com Inc AMZN, exploring ways to digitize and disrupt the traditional health care industry.
- Recently, Apple released a report offering a comprehensive view of its approach to healthcare.
- The report outlined a strategy courting consumers with health and fitness features while engaging with traditional healthcare systems.
- Photo by olivier-bergeron via unsplash
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