Health insurance is big business, according to revenue reports from major players in the space. In fact, the five largest conglomerates in healthcare and pharmaceuticals are on track to outpace revenues of the five preeminent technology companies, according to Axios.
Collectively, Anthem, Cigna, CVS Health, Humana and UnitedHealth Group will likely have $787 billion in revenues in 2019, compared to $783 billion in revenues between Facebook, Amazon, Apple, Netflix and Google.
However, revenues don’t tell the whole story, and healthcare is still a tough industry. The tech companies were all more profitable––about five times more than the healthcare companies in 2018. In 2019, the tech companies are projected to be 3.5 times as profitable, according to Axios.
Still, healthcare companies are doing more than ever by expanding services and engaging in mergers and acquisitions at a rapid clip. The five largest companies in the healthcare space are expected to turn overall large profits.
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