Healthcare is one of the most vital and dynamic sectors in the world, providing essential services and products to billions of people and contributing significantly to the global economy. According to the World Health Organization, global health spending reached $8.3 trillion in 2020, accounting for about 10% of the world’s gross domestic product (GDP). However, the healthcare sector also faced unprecedented challenges and opportunities in 2020 and beyond, due to the COVID-19 pandemic, which exposed the strengths and weaknesses of different health systems, accelerated the adoption of new technologies and innovations, and increased the demand for more equitable and sustainable healthcare solutions.
In this blog post, we will take a look at the 10 biggest healthcare companies in the world, based on their revenue as of Dec. 21, 2022. These are:
1. CVS Health Corp.:
Founded in 1963 by Stanley Goldstein, Sidney Goldstein, and Ralph Hoagland, CVS Health Corp. is the parent company of a leading drugstore chain, CVS Pharmacy, as well as one of the biggest pharmacy benefits management (PBM) companies in the U.S. Headquartered in Woonsocket, Rhode Island4, CVS Health Corp. also provides health insurance through Aetna, retail health services through MinuteClinic and HealthHUB, and home infusion services through Coram.
2. UnitedHealth Group Inc.:
Founded in 1977 by Richard Burke6, UnitedHealth Group Inc. is a health insurance company that also provides data analytics and consulting services to healthcare providers, as well as pharmacy care services. Headquartered in Minnetonka, Minnesota, UnitedHealth Group Inc.’s principal divisions include UnitedHealthcare, which offers health plans and benefits to individuals and groups; OptumHealth, which provides health and wellness services; OptumInsight, which delivers information and technology solutions; and OptumRx, which manages pharmacy benefits.
3. McKesson Corp.:
Founded in 1833 by John McKesson and Charles Olcott, McKesson Corp. is a distributor of pharmaceuticals and other medical products in the U.S., Canada, and Europe. Headquartered in Irving, Texas, McKesson Corp. works with biopharma companies, care providers, pharmacies, manufacturers, and governments to deliver products and services to 14 countries. McKesson Corp. also operates McKesson Ventures, a strategic venture capital fund that invests in emerging healthcare companies.
4. AmerisourceBergen Corp.:
Founded in 2001 by the merger of AmeriSource Health Corporation and Bergen Brunswig Corporation, AmerisourceBergen Corp. is a distributor of medications and medical supplies, helping people access the healthcare products they need. Headquartered in Chesterbrook, Pennsylvania, AmerisourceBergen Corp. sources and distributes pharmaceutical products for various applications and customers, such as hospitals, clinics, retail pharmacies, mail-order pharmacies, specialty pharmacies, and long-term care facilities. AmerisourceBergen Corp. also provides pharmaceutical services, such as consulting, reimbursement, patient support, and logistics.
5. Cardinal Health Inc.:
Founded in 1971 by Robert D. Walter, Cardinal Health Inc. is a global manufacturer and distributor of medical and laboratory products and a provider of performance and data solutions for healthcare facilities. Headquartered in Dublin, Ohio, Cardinal Health Inc. supplies medical devices, pharmaceuticals, radiopharmaceuticals, surgical products, and clinical laboratory services to various customers, such as hospitals, ambulatory surgery centers, clinical laboratories, and physician offices. Cardinal Health Inc. also offers supply chain optimization, inventory management, data analytics, and patient engagement solutions to improve healthcare quality and efficiency.
6. Walgreens Boots Alliance Inc.:
Founded in 2014 by the merger of Walgreen Co. and Alliance Boots, Walgreens Boots Alliance Inc. is a global pharmacy-led health and wellbeing enterprise. Headquartered in Deerfield, Illinois, Walgreens Boots Alliance Inc. operates retail pharmacy stores, wholesale drug distribution, pharmaceutical manufacturing, and health and beauty product retailing in various countries. Its main divisions include Walgreens, which is the largest drugstore chain in the U.S.; Boots, which is the leading pharmacy chain in the U.K.; and Pharmaceutical Wholesale, which supplies medicines and other healthcare products to pharmacies, doctors, health centers, and hospitals.
7. Medtronic PLC:
Founded in 1949 by Earl Bakken and Palmer Hermundslie, Medtronic PLC is a medical device company that develops and manufactures products and therapies for various chronic diseases and conditions. Headquartered in Dublin, Ireland, Medtronic PLC operates in four segments: Cardiac and Vascular Group, which offers devices and services for cardiac rhythm disorders, coronary and peripheral vascular diseases, and structural heart diseases; Minimally Invasive Therapies Group, which provides surgical instruments, devices, and solutions for gastrointestinal, renal, respiratory, and general surgery; Restorative Therapies Group, which delivers products and therapies for spine, brain, pain, and specialty therapies; and Diabetes Group, which offers insulin pumps, sensors, infusion sets, and software for diabetes management.
8. Abbott Laboratories:
Founded in 1888 by Wallace C. Abbott, Abbott Laboratories is a healthcare company that researches, develops, manufactures, and sells a wide range of products and services for various segments of the healthcare industry. Headquartered in Abbott Park, Illinois, Abbott Laboratories operates in four segments: Established Pharmaceuticals, which offers branded generic medicines for various therapeutic areas; Nutrition, which provides science-based nutritional products for infants, children, and adults; Diagnostics, which delivers instruments, tests, and systems for blood screening, immunoassay, clinical chemistry, hematology, and molecular diagnostics; and Medical Devices, which offers devices and technologies for cardiovascular, diabetes care, structural heart, and neuromodulation applications.
9. Bayer AG:
Founded in 1863 by Friedrich Bayer and Johann Friedrich Weskott, Bayer AG is a multinational pharmaceutical and life sciences company that produces products and services for human and animal health, agriculture, and consumer care. Headquartered in Leverkusen, Germany, Bayer AG operates in three segments: Pharmaceuticals, which focuses on prescription drugs for cardiology, oncology, gynecology, hematology, ophthalmology, and radiology; Consumer Health, which offers over-the-counter medicines, dietary supplements, skincare products, and animal health products; and Crop Science, which provides seeds, crop protection products, digital farming solutions, and environmental science products.
10. Novartis AG:
Founded in 1996 by the merger of Ciba-Geigy and Sandoz, Novartis AG is a global healthcare company that discovers, develops, manufactures, and markets innovative medicines and therapies for various diseases and conditions. Headquartered in Basel, Switzerland, Novartis AG operates in three segments: Innovative Medicines, which comprises two business units: Novartis Pharmaceuticals and Novartis Oncology; Sandoz, which offers generic drugs and biosimilars; and Alcon, which provides eye care devices and solutions.
They are the leaders and innovators of the healthcare sector, which is essential for the well-being of people and the economy. In this blog post, we have briefly introduced their history, products, and achievements. In the following sections, we will dive deeper into each company and explore its strengths, challenges, opportunities, and strategies for the future. Stay tuned for more!