Don’t put all your eggs in the same basket
As I grew up, I’ve always remembered how my mother would talk about the importance of being a pragmatic person. She emphasized that dealing with problems sensibly and realistically in a way that is based on practical –rather than theoretical– considerations was going to simplify our lives in a massive way. I find this trait to be necessary, but, as any other thing in life, when taken to an extreme, it can be potentially dangerous.
I like learning about tech. It is undeniable that technology, in some ways, drives our world. From the device you’re reading this to the nearest Starlink satellite SpaceX has put on the Earth’s orbit… nowadays it is impossible to think about a society where new technologies don’t exist. The field will only keep growing, and everyone is betting on it.
Tech in the healthcare industry
Two weeks ago, we spoke specifically about the new technologies being developed for healthcare in ThinkTech. From the applications of AI in medicine, to the risks associated with implementing such tools. It was particularly interesting learning how brands like Amazon, Microsoft and even Intel are rapidly growing their market share in this sector. Apple, a company that entered the industry way later than all its competitors, is expected to generate $313 billion from healthcare in 2027. This is just the tip of the iceberg…
For instance, over the past few years, Amazon has made several big investments in the healthcare space, which will surely continue into the entire decade. Haven, the joint venture owned by Berkshire Hathaway-Amazon-JP Morgan, aimed to lower costs and improve outcomes in healthcare. Although it was disbanded in February 2021, it’s a clear bet on the industry’s future.
On the other hand, Amazon developed their own new healthcare business Amazon Care, initially only available for employees, but expected to make the leap into the global insurance market soon. This telehealth service will allow customers to have an appointment with a doctor, obtaining their drug prescriptions and getting them delivered by Amazon, all from the comfort of their bedroom.
Convenience vs Autonomy?
“But, what’s the punchline of all of this?”, you might be wondering. Well, as convenient and pragmatic as it might sound, this could develop into a pretty ugly slippery slope.
One of my colleagues in ThinkTech argued that Amazon, as any other big-tech company, might be investing into this field because “they know they can do better than the current competitors”. They’re growing their business, which is completely understandable when you have the resources to do it.
But what happens when they decide that healthcare is not the only thing they can do better? What happens when they decide to go take on to fields such as food, telecommunications, finance, automotive, education, energy, among all the many others than exist? I’m pretty sure all big-tech companies have already invested in every single one of these industries in one way or another.
I’m a Gen Z. I’ve grown up with new technologies. I embrace them and also believe that they are incredibly helpful and necessary for our society. I’m not on a lot of social networks, nor I spend all my day staring at a screen, but I understand that these tools help society function in a better way. I am just worried that, as one friend said: “We might be selling our souls to the devil”. If all the big-tech companies start eating away chunks of different industries and revolutionizing them for our convenience, if we let them be the sole solution to our problems, then they will basically own us. Some of these companies know us better than what we know ourselves!
Customer Power: You can always say No
I am sure that when my mother emphasized that my siblings and I should be pragmatic people, she wasn’t referring specifically to subscribing to Amazon Prime and letting them figure out when we need more food, a new prescription drug, a couple of new lightbulbs, or even purchasing a new movie. Well… I might have been too specific right there.
What I’m trying to say is that we must be careful. Centralizing the solution to our necessities –or our whims– on a handful of companies can be helpful for us as individuals, but on a larger scale, it gives them a lot of power over us. At the end of the day, you shouldn’t be putting all your eggs in the same basket.
