GE's healthymagination Reaches First Year Goals with $700m R&D Investment, $250m Capital Investment and 24 Innovative Products and Technologies
healthymagination's first annual global report tracks progress toward healthcare innovation commitments for cost, quality and access
FAIRFIELD, Conn.--Monday, May 24, 2010-- GE (NYSE: GE) released today the inaugural annual report for healthymagination, the company's global business strategy for achieving sustainable health. The report details the significant progress and milestones since the May 2009 launch, including 135 million lives touched through 24 innovative products and services, a $700 million investment in R&D and a $250 million investment in an equity fund focused on growing healthcare technology companies.
Healthymagination is GE's six-year, $6 billion commitment towards better health for more people by decreasing costs, improving quality and increasing access to healthcare. Healthymagination touches multiple GE businesses including NBC Universal, GE Water, GE Capital and GE Healthcare and includes product and service innovations, groundbreaking partnerships, employee wellness programs and other solutions aimed at improving every level of the global health system.
"Healthymagination works to address some of today's greatest global health challenges with new technologies and solutions," said Mike Barber, vice president, healthymagination. "We've made some good progress in year one and will look to build on this success in year two, with an increased global focus including; IT solutions for real-time clinical decision support; developing more products targeted to local needs at affordable price points; and, bringing better health solutions to remote and underserved communities."
healthymagination's Commitments for 2015 and Year One Progress:
Invest $3 billion in R&D, $2 billion in financing and $1 billion in technology and content, launching at least 100 innovations that lower cost, increase access and improve quality by 15 percent.
GE invested $700 million in R&D toward healthymagination innovations;
GE increased its healthymagination portfolio to 24 product innovations, on target for 100 innovations by 2015, including the portable handheld Vscan ultrasound and low-cost Brivo CT;
Pledged $350 million through the Stimulus Simplicity financing program and the healthymagination Fund.
Work with partners to focus innovations on critical needs: accelerating health information technology; target high-tech products to more affordable price points; broaden access to the underserved; and support consumer-driven health.
GE partnered with Intel and the Mayo Clinic for a year-long study evaluating the benefits of remote monitoring devices for home-based patient care;
Launched "Developing Health" a three-year $25 million program providing grant funding and volunteer support to non-profit health centers in the U.S.;
Joined with Eli Lilly to develop technology that could enable faster, cheaper and smarter cancer therapies.
Expand our employee health efforts.
GE launched HealthAhead, an employee wellness and site certification program to build a culture of health.
Increase the "value gap" between GE's health spend and GE Healthcare's earnings to drive new value for GE shareholders.
GE has taken steps to lower GE's healthcare costs by focusing on key cost drivers and making GE employees more aware of and responsible for cost-conscious decisions.
Engage and report on healthymagination progress.
In addition to the healthymagination Annual Report, GE is keeping the public informed through www.healthymagination.com, NBCU platforms and its healthymagination Advisory Board.
To view the healthymagination Annual Report visit:
GE (NYSE: GE) is a diversified infrastructure, finance and media company taking on the world's toughest challenges. From aircraft engines and power generation to financial services, health care solutions, and television programming, GE operates in more than 100 countries and employs about 300,000 people worldwide. For more information, visit the company's Web site at www.ge.com.
Our "healthymagination" vision for the future invites the world to join us on our journey as we continuously develop innovations focused on reducing costs, increasing access and improving quality and efficiency around the world. Healthymagination is a $6 billion commitment that was launched in May 2009.