GE launches 'Healthymagination'

WASHINGTON — GE announced recently that it will spend $3 billion over the next six years on healthcare innovation that will help deliver better care to more people at lower cost.

In addition, the company will commit $2 billion in financing and $1 billion in related GE technology and content to drive healthcare information technology and health in rural and underserved areas. 

These investments are the foundation of GE’s “healthymagination” initiative, which is built on its global commitments of reducing costs, improving quality, and expanding access for millions of people.  

Under healthymagination, GE, by 2015, will invest $3 billion in research and development to launch at least 100 innovations that lower cost, increase access and improve quality by 15 percent.

It will also work with partners to focus innovations on four critical needs: accelerating healthcare information technology, target high-tech products to more affordable price points, broaden access for the underserved, and support consumer-driven health.

GE will also expand its employee health efforts by creating new wellness and healthy worksite programs while keeping cost increases below the rate of inflation, and increase the “value gap” between its health spending and GE Healthcare’s earnings to drive new value for its shareholders.

GE will engage experts and leaders on policy and programs and create a GE Health Advisory Board, which will include former US senators Bill Frist and Tom Daschle and other global healthcare leaders.

Healthymagination will draw on capabilities from across GE, including GE Healthcare, GE Capital, GE Water, NBC Universal, the GE Global Research Center and the GE Foundation, the company’s philanthropic arm.

“Healthcare is an important industry that is challenged by rising costs, inequality of access and persistent quality issues,” GE chairman and CEO Jeff Immelt said.

“Healthcare needs new solutions. We must innovate with smarter processes and technologies that help doctors and hospitals deliver better healthcare to more people at a lower cost. Healthymagination is our business strategy that seeks to help people live healthier lives, support customer success and help GE grow,” he added.