Nokia’s troubled digital health business

By Sophie Chapman
The Finnish communications technology firm, Nokia, is to re-strategise its digital health business following disappointing results. The company acquire...

The Finnish communications technology firm, Nokia, is to re-strategise its digital health business following disappointing results.

The company acquired the French startup, Withings, two years ago for US$191mn.

Nokia bought Withings, the digital company specialising in activity trackers and digital thermometers, in a bid to enter the health industry.

However, the Finnish firm noted $175mn of goodwill recorded in the third quarter of last year.

SEE ALSO:

Due to the business not being as successful as it had hoped for, Nokia has announced plans to evaluate plans with its health branch.

“The strategic review of the Digital Health business may or may not result in any transaction or other changes,” the company stated.

According to Reuters, the review of the digital health arm could lead to 425 jobs being cut in Finland, where it employs 6,300 people.

The company’s aim to reduce employees follows the announcement of $1.5bn savings plan revealed after the acquisition of Alcatel-Lucent in 2016.

Share

Featured Articles

Comarch Diagnostic Point Boost for European Health Insurance

Healthtech specialist Comarch introduces Diagnostic Point, designed to improve health insurance across European markets

McKinsey: Women More Likely to die of Heart Attack Than Men

McKinsey Health Institute's Lucy Pérez says cardiovascular disease top killer of women yet physicians don't know their heart attack symptoms are different

Novo Nordisk Buys $1bn Cardior in CardioVascular Move

As Novo Nordisk expands into heart medicines, we profile the Danish pharma giant who in 1923 was the first to make insulin commercially available

Shoddy Chinese Syringes Sees BD Ramp-up Production

Procurement & Supply Chain

AI Tool 'Picks up Early-stage Breast Cancers Doctors Missed'

Technology & AI

AstraZeneca Buys $2bn Fusion in Next-gen Cancer Drugs Move

Medical Devices & Pharma