Covidien ($COV) and GE Healthcare ($GE) are forming one of those trusty "global collaboration" deals, this time to expand production of beefed-up patient monitoring systems.
The global players in the device, diagnostics and medical equipment industries aren't sharing any information about financial terms. But the agreement lasts for 5 years, they've disclosed. And the deal breaks down to this: Covidien will contribute measurement technologies to patient monitors made by GE Healthcare.
This is something already in the mix to some degree, the companies point out. GE Healthcare's Carescape monitor B850 and B650 are already equipped with Covidien technology. The Carescape B850 model also lets clinicians access Covidien measurements and clinical information--such as electronic medical records and electrocardiogram measurements--while using a single monitor.
Both companies bill their agreement as helping to improve patient safety and boost positive outcomes by giving physicians a more thorough picture of a patient's physiological status.
"By delivering the full picture of a patient's physiological status, patient safety and positive outcomes can be advanced," said Robert White, president of Covidien's repository and monitoring solutions system, in a statement.
Covidien and GE Healthcare are also among the biggest spenders on R&D in the medical device industry, and we featured each in our recent coverage of the top 10 medical device R&D budgets for 2011.
- read the release
Special Report: GE Healthcare - Top 10 Medical Device R&D Budgets
Special Report: Covidien - Top 10 Medical Device R&D Budgets