Palantir Technologies Inc (PLTR)

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Palantir (PLTR) wins $415 million NHS England contract to implement data system
By: Investing | November 21, 2023

LONDON - Palantir Technologies (NYSE:PLTR) Inc. and Accenture (NYSE:ACN) have formed a consortium that has been awarded a significant contract by NHS England. The $415 million agreement, announced today, tasks the consortium with implementing a data exchange system across various NHS locations over the next five years. This initiative is part of a broader effort to enhance health outcomes and reduce disparities within the healthcare system.

The Federated Data Platform (FDP), which Palantir will implement, is designed to improve interoperability across NHS trusts and Integrated Care Systems (ICSs), though it will exclude general practitioner national data. The platform will focus on several key functionalities:

Enhancing population health management
Streamlining care coordination
Refining supply chain processes
Facilitating vaccination scheduling
Accelerating the recuperation of elective procedures
The initial year of the contract is funded at £25.6 million, with the total value of the deal amounting to approximately £330 million over seven years. The partnership includes support from professional services firms such as PwC, NECS, and Carnall Farrar. Despite beating competitors like Oracle (NYSE:ORCL) and IBM (NYSE:IBM) for the contract, there are privacy concerns linked to Palantir's defense background and comments made by co-founder Peter Thiel criticizing the NHS.

NHS England's transformation lead, Dr. Vin Diwakar, highlighted the importance of utilizing data to optimize patient services and reduce waiting periods. Alex Karp, CEO of Palantir, has committed to providing software solutions to support these goals.

Following the allocation of the contract, a six-month phase dedicated to system migration into the new FDP framework will commence. The FDP aims not only to improve direct care and planning but also to adhere strictly to NHSE’s stringent data governance rules that prohibit research access.

The announcement has had an immediate impact on Palantir's market valuation, causing a dip to $43 billion.

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