Amazon (AMZN) HealthLake Boosts AWS for Health Offerings
Amazon’s AMZN cloud computing platform, Amazon Web Services (AWS) recently made Amazon HealthLake — a service eligible under the Health Insurance Portability and Accountability Act of 1996 — generally available for healthcare and life sciences organizations.
This service uses analytics and machine learning to analyze and extract important health-related information, and securely store them in the cloud.
Amazon HealthLake uses the Fast Healthcare Interoperability Resources industry standard format for easier data exchange across healthcare systems, pharmaceutical companies, clinical research firms and others. This helps organizations to collaborate and bring new therapies, quickly deliver vaccines to the market as well as discover health trends in patient populations.
It also enables medical professionals to maintain a holistic profile of their patients and provide medication according to their needs.
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AWS Portfolio Strength: Key Catalyst
The latest move by Amazon has strengthened its AWS for Health offerings. AWS for Health offers a portfolio of solutions to healthcare, biopharma and genomics organizations to help them discover, assess as well as deploy cloud solutions for better business and patient outcomes.
Amazon is making strong efforts to expand the AWS portfolio of services in order to maintain its dominance in the cloud computing market.
Recently, Amazon announced the availability of an application delivery service called AWS Proton that the company announced in early June. AWS Proton helps developers to seamlessly provision, deploy and monitor applications.
The Amazon Location Service that helps customers securely add location functionality to their applications has also been launched.
In late May, AWS launched Amazon Elastic Container Service (ECS) Anywhere that offers consistent tooling and APIs for all container-based applications. This service enables customers to have the same Amazon ECS experience for cluster management, workload scheduling, and monitoring in cloud and data centers.
Additionally, it made available AWS APP Runner in mid-May. This service is a fully managed container application service that helps developers to seamlessly build, deploy, and run containerized web applications and APIs.
Amazon DevOps Guru and Amazon FinSpace were introduced in early May. While the former helps developers to improve applications, the latter helps Financial Services Industry Organizations to seamlessly search, prepare and analyze data.
Growing Customer Base to Aid Prospects
The Amazon HealthLake service launch is expected to help AWS gain strong traction among various customers. Customers and partners including Rush University Medical Center, Cortica, CureMatch, MEDHOST, InterSystems and Redox have already shown interest in Amazon HealthLake.
Further, AWS continues to witness growth in customer base due to its robust portfolio of services.
Last month, AWS was selected by Swisscom SCMWY as its cloud provider. Swisscom will leverage AWS’s analytics, machine learning, containers, database and storage services for its enterprise IT.
In the same month, Ferrari RACE selected AWS as its official cloud, machine learning and artificial intelligence provider to bring advancements across its road cars department, GT Competitions, the Ferrari Challenge and the Scuderia Ferrari FORMULA 1.
AWS was also selected by BMO Financial Group as its cloud provider. BMO will leverage AWS’ analytics, machine learning, serverless, compute, storage, and database for upgrading its banking platforms as well as developing digital financial services applications.
In late April, AWS was selected by The Walt Disney DIS for globally expanding its online streaming video service, Disney+.
This expanding customer base will continue to drive top-line growth of AWS, which generated $13.5 billion revenues in first-quarter 2021, up 32% year over year, accounting for 12% of revenues.
Currently, Amazon 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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