GE brings $3B life sciences project to light

General Electric has pumped $700 million into its ambitious healthcare R&D program, an effort that spans everything from new ventures in genetic testing to advances on life sciences projects and medical technology. In an annual review of its work in the field, GE also highlighted the launch of its $250 million equity fund, which is in the hunt for new technology.

"In terms of cost, quality and access, we're really on track," GE's Mike Barber tells Bloomberg.

GE plans to invest a total of $3 billion over five years as it searches for new approaches to health that can cut costs. While that covers a gamut of technologies, there's a big biotech component as well. GE and Eli Lilly, for example, are at work developing "faster, cheaper and smarter cancer therapies."

Just a little more than a week ago GE Healthcare unveiled a $5 million investment in CardioDX, a company that makes genetic tests for heart disease.

- check out the GE release with a link to the full report
- here's the story from Bloomberg