Facebook and the healthcare sector
Considering the launch of a Bayer campaign back in 2016 reported by Fierce Pharma, Facebook has been building teams that sell pharma ads to the health care sector. While still in the early stages, it is no secret that Google built those teams years ago to sell account management and ad targeting for big pharma and life sciences firms.
Google got clever however. It long invested in Google (Cloud), one of the fastest growing business segment in enterprise. With Amazon (Web Services) and Apple (Electronic health records rollout on its devices), Facebook is far behind the GAFA set in the health care industry. The recent Cambridge Analytics data privacy breach is a set back for the company in rollout of any new enterprise platforms (Workplace by Facebook) and patient data analytics experimentation, especially considering HIPAA privacy regulations. Workplace by Facebook reportedly has signed up over 10,000 organizations in a very short time and is possibly the medium to enter the industry. By working with healthcare providers on collaboration and predictive analytics tools, it may be the route to compete in the already crowded telemedicine market.
Time will only tell if the company can build products that expand beyond other people’s data and the advertising model.