Considering the urgency of addressing grand challenges that affect human health and achieving the ambitious health targets set by the United Nations’ Sustainable Development Goals (SDGs), the role of business in improving health has become critical. Yet, our systematic review of the business–health literature reveals that business research focuses primarily on occupational health and safety, health care organizations, and health regulations. To embrace the health externalities generated by business activities, we propose that future research should investigate the conditions under which business (a) articulates and participates in health challenges, (b) engages in multilevel actions toward tackling health challenges, and (c) improves health outcomes and its impact on the health of external stakeholders, including customers and local communities. We also urge business scholars to engage with the public health research community to increase impact.