2015 med tech R&D budget: $926 million
Change from 2014 budget ($960 million): -4%
Percent of 2015 segment sales ($9.5 billion): 9%
General Electric ($GE) CEO Jeff Immelt said last year that R&D would be a top priority for the company in 2015. But despite the company’s firm commitment to innovation, it spent less on R&D last year than in 2014.
Still, GE made moves in 2015 to expand its R&D footprint and international presence. Last July, the company said it would spend more than $1 billion over 5 years to train more than two million global healthcare providers. The move is expected to benefit providers and the company, as doctors and medical professionals gain access to better technology and GE can install its equipment abroad.
"We will continue to work closely with local governments, institutions and customers to address some of their most important concerns,” GE Healthcare CEO John Flannery said at the time. “In some countries, this will mean training midwives to use new ultrasound or portable diagnostic equipment. In others, it will include supporting multi-hospital networks to enhance their clinical and operational outcomes.”
Imaging and diagnostics are two areas that the company has targeted for growth. In August, GE Healthcare got an FDA nod for its low-dose computed tomography (CT) lung cancer screening device, a win for the company as it strives to get the most out of its imaging business.
Earlier this year, GE announced that it would add 100 jobs at its Niskayuna, NY-based Global Research Center. The news came as the company revealed that it would move its corporate headquarters from Fairfield, CT, to Boston, an epicenter of biopharma and med tech growth.
GE on the move: HQ moving to Boston, Healthcare to Chicago
GE gets FDA nod for low-dose CT lung cancer screening device
GE Healthcare to spend $1B+ in training 2 million global healthcare workers by 2020
GE Healthcare moves to Boston area, to hire more than 220