- Jul 26, 2021
The idea to start a company’s very own Digital Health business is very ambitious. Regarding this issue, officials at the Nokia company said that they had initiated a review of strategic options for its Digital Health business. Digital Health is basically the convergence of digital and genomic technologies with health, health care, living, so on and so forth so that the efficiency of healthcare delivery could be more elevated and useful. However, in a short statement, Nokia has revealed that the strategic review of the Nokia Digital Health business may or may not result in any transactions or other changes.
Any further announcements regarding this particular issue will be made known to the public if and when necessary. This Digital Health business is a part of Nokia technologies and its business portfolio includes consumer and enterprise products. It sets up an ecosystem of hybrid smart watches, scales and digital health devices to consumers and enterprise partners.
Just 2 years ago Nokia paid $192 million to acquire the consumer electronics company Withings so that Nokia could launch themselves in the digital health technologies. So Nokia’s decision to be done away with the Digital health business this early is a quite shocking one. Cedric, CEO, and Co-founder of Withings was very thrilled about partnering up with Nokia because it would have opened up a lot of new possibilities and potential opportunities. Both companies seemed to have huge ambitions.
Nokia Technology is at a unique position from where they can build a new teeming business as Nokia being an essentially a new company. The new Nokia technology generated around $800 million in annual revenue for the unit and had around 800 employees who were mostly engineers. Nokia is said to cut up to 425 jobs this year from their homeland, Finland.