Digital health companies got pummeled by Wall Street in 2024 as industry adapts to post-Covid slowdown

As the Covid era marked a boom time for digital health companies, 2024 was the reckoning. of 39 public digital health companies analyzed by CNBC, roughly two-thirds are down for the year. Others are now out of business.

The worst waves of the pandemic subsided, so did the insatiable demand for new digital health tools.

It's been a rude awakening for the sector. "What we're still going through is an understanding of the best ways to address digital health needs and capabilities, and the push and pull of the current business models and how successful they may be," said Michael Cherny, an analyst at Leerink partners.

Progyny, which offers benefits solutions for fertility and family planning, is down more than 60% year to date.

Teladoc health, which once dominated the virtual-Care space, has dropped 58% and is 96% off its 2021 high.

Reference Sources

1. cnbc - Digital health companies got pummeled by Wall Street in 2024 as industry adapts to post-Covid slowdown

Turkey raises monthly minimum wage by 30% for 2025 

Turkish President Recep Tayyip Erdogan has announced a 30% increase in the minimum wage for 2025, raising it to 22,104 lira (about 630 U.S. dollars).

The announcement was made after the Minimum Wage Determination Commission's fourth meeting in Ankara.

However, the Turkish Confederation of Trade Unions (Turk-Is) chose not to attend the meeting, citing a lack of prior notification regarding the wage proposal.

They demanded for a net wage of 29,583 Liras (about 845 dollars) with a 45% increase plus a 20% social share, and had reiterated that the Union would not approve any decision below this figure.

For 2024, the minimum wage had been set at 17,002 lira, reflecting a 49-Percent increase.

The minimum wage hike, which impacts some 9 million workers and is seen as a benchmark for the increase in private sector salaries, is expected to elevate inflation in the coming months, according to economists.

Reference Sources

1. thestarmy - Türkiye raises minimum wage by 30 pct for 2025
2. ekathimerini - Turkey raises monthly minimum wage by 30% for 2025

China’s State Companies invest CNY2 Tln in emerging industries in first 11 months

China's centrally-administered state-owned eenterprises (SOEs) invested CNY2Tn ($274.1Bn) in strategic emerging industries in the first 11 months of 2024, marking an 18.7% YOY increase, according to data from the state-owned assets supervision and administration Commission (SASAC).

The marked growth in central SOEs' investment comes as China has been stepping up efforts to boost strategic emerging industries, which include new-generation information technology, artificial intelligence (AI), aerospace, new energy, new materials, high-end equipment, Biomedicine and quantum technology.

In comparison, China's central SOEs made a total of CNY4.2Tn in Fixed-Asset investment in the first 11 months of 2024, up 2.2% Year-On-Year, according to a statement from SASAC on Tuesday about a meeting of the heads of central SOEs. Notably, the investment in strategic emerging Industries accounted for more than 40% of the central SOEs' total investment during the period, exceeding the 40% mark for the first time.

Reference Sources

1. globaltimes - Chinas central SOEs investment in strategic emerging sectors hits 2t yuan in Jan-Nov
2. xinhua - Central SOEs invest 2 trln yuan in emerging industries in first 11 months

The CommonWealth English daily news digest is a service curated by CommonWealth English team with the help of AI tools.

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