Healthcare services manufacture products aimed at preventing diseases or controlling their adverse effects. In some cases, healthcare products merely keep the patient comfortable while not actually treating their illness.
This class of products is palliative in nature. Mainly, this field comprises biotechnology, healthcare, medical devices and pharmaceuticals.
The 7 Types of Healthcare Companies –
1. Biopolymers Companies like NatureWorks (US), Braskem (Brazil), BASF (Germany)
Biopolymers are polymers that are degradable when subjected to moisture and heat, under the action of micro-organisms. They are made from waste starch, biomass, and other renewable feedstock. There are some commercially available polymers (such as polylactic acid, bio-nano composites, and polyhydroxyalkanoate, etc.)
An example can be NatureWorks LLC, they are an international company that manufactures bioplastics – polymers derived entirely from plant resources—as an alternative to conventional plastic, which is made from petroleum.
2. Biotechnology Companies like DNAnexus, Pfizer, and Amyris
3. Healthcare Services Companies like Alma, Highline Wellness, and LHC Group
These are companies that provide services to treat patients with curative, preventative, rehabilitative, and palliative care.
It includes practitioners who are employed by health services and who are working in the field of medicine, nursing, midwifery, allied health, social work, counselling, teaching, health promotion, refugee settlement, community work, or another role that works directly with clients of the health service.
4. Healthcare IT Companies like Cerner Corporation, McKesson Corporation & International Business Machine Corporation
An example can be Cerner Corporation, their core business is its electronic health records product, which accounts for roughly 75% of revenue. Electronic health records software is a foundational piece of hospital IT infrastructure and is considered mission critical because it houses much of the patient data.
5. Healthcare Specialist Companies like Spaulding Rehabilitation Hospital, Danaher, and Jassen by J&J
Health system specialists are administrators who coordinate the delivery of healthcare programs and services. They develop and evaluate healthcare plans, facilitate preventative care initiatives, and advise on healthcare policies.
An example can be Spaulding Rehabilitation Hospital, their operating revenue includes those generated from direct patient care and reimbursement of research and educational activities.
6. Medical Devices and Equipment Companies like Abbot, Johnson & Johnson, and Medtronic
Medical device companies develop medical devices and surgical instruments to diagnose, treat, or prevent various medical conditions. Examples of medical devices include pacemakers, artificial joints, ventilators, stents, tough depressors, etc.
An example can be Abbott, they primarily serve medical devices, pharmaceuticals, and nutritional products market. These medical devices are used primarily by various healthcare institutions in several countries. Its established pharmaceuticals business focuses primarily on emerging markets.
7. Pharmaceutical Companies like Roche, Amgen, and Novartis
An example can be Novartis, the company is engaged in the research, development, manufacturing, and marketing of a range of healthcare products led by pharmaceuticals. The Company’s segments include Innovative Medicines, Sandoz, Alcon, and Corporate activities.