ByteDance, owner of the popular short video platform TikTok, is expanding its goals in the healthcare industry. ByteDance announced that it has acquired Amcare Healthcare, which operates women’s and children’s hospitals in many cities in China. So what are ByteDance’s plans for the healthcare industry?
TikTok acquires women’s and children’s hospital chain Amcare
It was stated that the purchase, made in China, was completed for 100 billion yuan (or 1.5 billion dollars). Amcare Healthcare will continue its activities within Xiaohe Health, which conducts ByteDance’s health operations.
The goals of the owner of TikTok in the health sector are not fully known, but it is possible to say that he has expanded his investment portfolio. In addition, the Chinese government does not allow tech companies to buy another tech firm to prevent competition from undermining.
It is thought that ByteDance will not be involved in operating women’s and children’s hospitals. The Chinese firm, which plans to add more healthcare providers to its portfolio, may combine Amcare with its previous acquisitions. Among these companies are brands that offer “birth services for the elite and the rich”.
It should not be forgotten that many companies such as Apple, Amazon and Alibaba have investments in the health sector. Amazon acquires subscription-based healthcare service One Medical for $3.9 billion. Alibaba operates an online pharmacy in China.
ByteDance first turned to healthcare in 2020. It has invested millions of dollars in companies that conduct drug, DNA synthesis and health information analysis. He then combined these services as Xiaohe Health.
So, what do you think about TikTok owner ByteDance buying the hospital company? Don’t forget to share your views with us in the comments section!
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