Palantir healthcare business achieved 267% growth between 2020 and the first half of 2022 as explained on the August 2022 earnings call. Those who have been paying close attention are not surprised by this exponential expansion.
Palantir Foundry has powered crucial operations and infrastructure in the public and commercial sectors’ responses to the COVID-19 outbreak during the past two years. Involvement in addressing one of the biggest public health issues of our time has required Palantir to become the most complete health tech firm you’ve never heard of, from simplifying PPE supply chains to monitoring COVID-19 Genetic Mutations.
Long before COVID-19, Palantir healthcare began investing in and evolving with healthcare clients, and the effects of this continuous engagement extend far beyond the pandemic response. In order to reduce losses brought on by rigid and compartmentalized systems, it assisted governments and businesses by creating new, long-lasting capabilities.
Customers have relied on Foundry to power mission-critical activity despite unnatural limitations and crises, from guaranteeing the efficient, equal distribution of vaccines to forecasting available hospital beds.
Leading healthcare and life sciences organizations have relied on Palantir to quickly find solutions to their most difficult problems, from drug discovery to care delivery, as they continue to be at the forefront of the most difficult public health crises.
At the cutting edge of biomedical innovation, Palantir solutions are used. Foundry is utilized by the National Institutes of Health to hasten important research. In order to comprehend lengthy COVID, the COVID Cohort Collective (NC3) recently deployed Foundry to evaluate a group of Electronic Health Records (EHRs) available for COVID-19 research.
While still guaranteeing patient privacy is safeguarded and enterprises keep control over their most sensitive data, analysis that used to take months to complete may now be completed in hours.
The same rules apply in the private sector, where Foundry may help our clients in the pharmaceutical industry by opening up new research paradigms. Utilizing data from clinical trials, preclinical safety studies, and empirical research, our program is utilized to produce a comprehensive, ground-breaking understanding of disease development.
The entire drug discovery and development process, from translational biomarker identification through the use of external control arms in clinical studies, is sped up by this foundation.
Palantir Healthcare Receives Backlash
Despite such achievements, Palantir is not without enemies. And as is often the case, the better you become, the more enemies you make.
There have been a lot of controversies, especially with the recent “Federated Data Platform” (FDP) for the NHS in England, contract valued at up to £360 million ($400 million).
There are multiple articles attacking Palantir from multiple angles. One claims Palantir is buying its way in by buying up competition, as reported even by Bloomberg.
The other article makes case for Palantir as a secretive spy organization collecting data. There is even a full website and petition against Palantir by the organization Foxglove Legal, which is backed by the Open Society Foundation by George Soros.
Let us take a look at some of the most outrageous and baseless claims from the article.
“Palantir is one of the most sinister companies on the global stage, a company whose pitch is to sell humans rights abuses as a service.”
“The company has effectively unlimited access to the capital markets, as well as to its deep-pocketed founder Peter Thiel, a cartoon villain who’s written that women shouldn’t be allowed to vote and that democracy and freedom are incompatible.”
“The customers for this turnkey service include America’s most corrupt police departments, who use Palantir’s products to monitor protest movements.”Cory Doctorow
As we can see from just a few brief sentences, critics of Palantir often attack without any fact based foundation and throw emotionally loaded words around to scare people instead of letting them think for themselves.
For example, Palantir selling data is one of the most common misconceptions. Palantir, in fact, protecting data at source and civil liberties are important values it upholds. That was also proven as it recently got the highest security clearance – IL6.
The influence of Palantir healthcare extends much beyond research.
Foundry helps to make lives better every day. It was used by England’s National Health Service (NHS) to distribute more than 9 billion pieces of PPE and provide more than 120M vaccinations, establishing a single source of truth for the rollout of vaccines.
In Japan, SOMPO employs Foundry in nursing homes to provide rapid, tailored care; previously time-consuming planning can now be completed in a flash. And now that we have helped the American government respond to COVID-19, we are now assisting with the government’s response to monkeypox by developing a unified view for decision-making and effective vaccine distribution at scale.
This work won’t end with the current public health catastrophe. Palantir Healthcare strives to develop flexible operating systems that can not only respond to demand today but also resist the unpredictability of tomorrow.
The work in hospital operations is reducing the length of stay on challenging discharges and improving operating room usage, allowing for more patients to be seen and treated each day even while care systems continue to struggle with elective care backlogs. Today, hospitals may meet target staffing ratios thanks to the usage of Foundry, which creates chances to save 10% on pricey travel agency expenses.
The software assists businesses all around the world in creating solutions that can innovate while operating under constraints. In order to better effectively transport life-saving products to the places where they are most needed, Concordance, a significant US healthcare distributor, is using Foundry to create an end-to-end distribution network.
Additionally, when supply chains and manufacturing partners change, work in biomanufacturing supports our customers in the life sciences sector in ensuring high-quality, high-yield production.
Clients also use Foundry software to accelerate outcomes for the people, communities, and societies that serve at every stage of the healthcare value chain.
Business Of Palantir Healthcare
Palantir healthcare enjoyed an additional level of prominence in the Q2 2022 conference call where it got its own separate slide.
The segment generated $153 million in revenue throughout the first half of 2022, a growth of 267%.
That means healthcare accounted for 37% of commercial revenue in H1 2022!
As explained in our article from May, Palantir has its tendrils in many different industries. Those industries are at different stages of penetration. It looks like the healthcare S-curve got accelerated due to COVID.
Note the many industries Palantir is involved in. On an annualized basis, Palantir now receives over $300 million in revenue from healthcare. What if other industries reach that stage?
Many investors underestimate the possible reach across industries. The use cases for Palantir are unbound.
Palantir is not sector-specific. The organization wants to find complex solutions for issues wherever they appear. Across all industries, Palantir extends its tendrils and seizes anything with the potential to be great or to reverse potential decreases that might afflict some old-world businesses or industries.
Use Case Of Palantir Foundry And Concordance Health
In the most recent video on Palantir YouTube channel, the broken healthcare supply chain is something Concordance aims to improve.
When a nurse or doctor needs a product at the patient’s bedside and must leave the patient’s side to find it, it is time that is not being used to provide patient care. Fundamentally, caregivers, distributors, and suppliers work together.
They are a component of a vast network of individuals and things that enable the provision of life-saving care. The care system is now experiencing ongoing staffing issues.
There is an increase in chronic diseases. Hospitals and patients will always be the hardest harmed by supply chain disruptions. This complexity must be taken into account by the technology required to address these problems. Foundry is used in that situation.
What is expected of a healthcare distributor is something Concordance aims to reinvent. Using Palantir Foundry, they are creating a digital healthcare ecosystem that can accommodate the complex and specialized requirements of the rapidly evolving healthcare sector.
Suppliers have always been able to see what they are distributing to retailers. They are significantly less aware of what happens to that product after it is received, though. They might have inventory parked in 200, 500, or 1000 different places. If those two pieces of information are linked better-informed choices can be made that won’t have an impact on the patient and provide the healthcare provider what they need to take care of them.
We are reactive because we are unable to see the situation clearly. Lack of visibility generates distrust as well. All of that is disturbed by the ecosystem. To help people make useful judgments, Foundry can offer real-time data. It is no longer needed to wait for that information to move upstream and downstream for 30, 60, or 90 days.
Foundry is the answer for the entire industry. Different crucial back orders can be given a level of urgency so that it is known which ones need to be filled as quickly as possible.
The platform contains only authenticated and reliable sources and only the appropriate individuals have controlled, secure access to them at the appropriate times. The ultimate objective is to develop and scale that ability to identify supply chain problems and discover solutions before they cause disruptions.
Through Foundry, Concordance is able to construct such an ecosystem from the ground up. Foundry is used as the platform to develop on.
It is expected that value increases significantly as more people and organizations introduce new concepts into the ecosystem. It goes beyond merely designing a flawless integration procedure.
It involves transforming the reactive decisions now made throughout the whole supply chain into proactive solutions.