Palantir Lands Central Role In NHS England For Patient Data Handling — Stock Hits New 52-Week High

The National Health Service (NHS) is set to assign the significant task of managing patient data and a share of a £480m contract to U.S. spy tech firm Palantir Technologies Inc. PLTR.

What Happened: NHS England is confirming this week that the joint bid by Palantir and professional services company Accenture for the operation of the new “federated data platform” (FDP) has been successful, The Guardian reported.

The announcement, expected on Tuesday, is likely to ignite intense debate concerning the safety of patient data, public trust in the NHS, and Palantir’s suitability for involvement in the FDP. This platform is the most significant IT contract ever awarded by the NHS.

The contract is likely to last for five years with a possible extension to seven. The FDP is designed to facilitate information sharing among individual hospital trusts and NHS integrated care systems, enabling them to communicate more efficiently.

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NHS England officials and Prof Sir Chris Whitty, England's chief medical officer, maintain that the FDP will enhance patient care by reducing the need for patients to repeatedly explain their conditions to different staff.

Why It Matters: Palantir, known for its work with intelligence and military agencies, began working with the NHS in March 2020, analyzing extensive health service data to assist with the COVID-19 pandemic response.

Despite the award, concerns surrounding privacy and ethics have been raised by the British Medical Association and others, particularly in relation to Palantir’s involvement.

Price Action: Palantir’s stock experienced a 4.15% increase, closing at $21.34, according to the data from Benzinga Pro. The company’s new 52-week high and the growing interest in AI-related stocks have contributed to its performance.

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