Alphabet’s (GOOGL - Free Report) continues to strengthen its healthcare presence on the back of its well-performing healthcare unit, Verily.
Recently, the company received FDA clearance for its electrocardiogram technology (ECG) in its Study Watch which was launched in early 2017.
The on-demand ECG feature of the watch will aid in recording, storing and displaying single-channel ECG rythms, consequently enabling individuals with or without serious heart condition monitor their health efficiently.
Further, the watch is a prescription-only and an investigational device especially designed to gather vital data on serious medical conditions like Parkinson’s disease as well as Multiple Sclerosis.
The recent FDA clearance is a testament to the company’s commitment to maintain healthcare standards and norms of FDA in its inventions.
Alphabet to Benefit
Apart from ensuring efficient and standard healthcare for patients and health conscious people, the data collected by the device will be utilized by several projects of the company’s namely Personalized Parkinson’s Project, Parkinson’s Progression Markers Initiative, Project Baseline and Aurora study.
This in turn will assist Verily in devising advanced and innovative treatment methods to treat or counter serious diseases.
Further, cardiovascular attacks are on the rise in today’s world, leading to widespread deaths owing to unconsciousness and mismanagement of the disease among the people.
Consequently, regular heart monitoring has become inevitable for avoiding sudden death by taking precautions. This has led to increase in demand for ECG technology in watch and mobile apps.
Alphabet with FDA clearance for its ECG feature in Study Watch is likely to benefit fromthis scenario.
Growing Healthcare Initiatives
The latest achievement bodes well for the company’s increasing healthcare initiatives. Moreover, it will aid Alphabet in supporting both population based research and individual healthcare endeavors.
Further, FDA support will allow the company to incorporate its ECG technology in its other wearable devices.This will strengthen the company’s presence in booming wearable market.
Apart from this, Verily has recently raised $1 billion in a funding round led by Silver Lake, a private equity firm, along with Ontario Teachers’ Pension Plan and other global investors, a remarkable achievement.
Moreover, its growing strategic partnerships are acting as tailwinds.With an aim to make healthcare services affordable for the masses, the company has partnered with Walgreens Boots Alliance (WBA - Free Report) to work on several healthcare projects.
Further, the company is working on a project to develop a surgical robot in collaboration with Johnson & Johnson (JNJ - Free Report) .
Additionally, Verily is planning to form a JV with ResMed (RMD - Free Report) to invent proper treatment and methods to fight sleep apnea.
All these endeavors of Alphabet will help it in rapidly penetrate the multi-trillion healthcare industry.
Currently, Alphabet carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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