The companies will contribute information gathered from millions of personal health monitoring technologies such as fitness trackers, implants and smartphones to the newly-formed Watson Health Unit.
IBM, the driving force behind the collaboration, reckons the quantity of information generated will be "unparalleled". According to the company, those with access to the cloud will be able to make more accurate conclusions about global health patterns than ever before. As it develops, IBM expects more and more companies to join.
"All this data can be overwhelming for providers and patients alike, but it also presents an unprecedented opportunity to transform the ways in which we manage our health," IBM senior vice president John Kelly said.
"We need better ways to tap into and analyse all of this information in real-time to benefit patients and to improve wellness globally."
The agreement between IBM and Apple extends an already established relationship between the two: they are currently working together on a number of projects beyond the area of health.
IBM plans to set up the unit's headquarters in Boston, where it will hire 2,000 employees.