Multi-Billion Dollar Global Commitment to Deliver Better Care to More People at Lower Cost
TORONTO - MAY 7, 2009 -- General Electric Company (NYSE: GE) announced today a commitment to take on one of the world's toughest problems, an unsustainable global healthcare system.
GE CEO & Chairman Jeffrey R. Immelt announced the initiative in Washington, D.C. to an audience of policymakers and thought leaders. In Toronto, one of five cities selected for the global kick off, GE Canada President /CEO Elyse Allan and GE Healthcare Canada General Manager Peter Robertson provided an overview of healthymagination, a new global multi-billion dollar business strategy for sustainable healthcare.
GE's healthymagination is a three-pronged approach to make measurable improvements in global healthcare systems by 2015. GE's commitments include:
* Reduce by 15 percent the cost of procedures and processes with GE technologies and services.
* Increase by 15 percent people's access to services and technologies essential for health, reaching 100 million more people every year.
* Improve quality and efficiency by 15 percent for customers through simplifying and refining health care procedures and standards of care.
GE will invest $6B USD over 6 years to develop and manufacture more low cost solutions for Canada and the world. This investment includes a $3 billion investment for 100 innovations that lower cost, increase access and improve quality; $2 billion to finance IT and access in rural & underserved areas; $1 billion for partnerships, content and services.
"Innovation and technology are critical to solving big challenges like those we face in healthcare access, cost and quality." notes Elyse Allan. "Healthymagination allows us to apply our scale and innovation, in collaboration with our partners, towards sustainable healthcare in Canada and around the world."
GE will work with partners to address four critical healthcare needs to start: low-cost technology; healthcare IT; innovation for all; and consumer-driven healthcare.
Oxford Analytica, an independent, Oxford-based international research and consultancy firm, will monitor and report annually on GE's progress throughout this initiative.
Healthymagination in Canada
Examples of GE partnerships in Canada addressing cost, access and quality include:
* Diagnostic Imaging Access. Announced today, an agreement with GE Healthcare and the Pan Northern Ontario PACS Project (PNOP) to create a Diagnostic Imaging Repository (DI-r) which will assist physicians access images and reports from other facilities, helping to improve diagnostic time lines, and increasing patient care regardless of location
* Baffin Island cardiac program. The University of Ottawa Heart Institute in cooperation with the Ontario Health Services Institute provides cardiac check-ups and treatment in Iqualuit. Patients avoid costly travel to southern unfamiliar urban centres for health care. The project is made possible, in part, by the GE Vivid i cardiovascular ultrasound system. This portable and wireless design weighs 30 times less than other full-featured, larger-scale systems, and makes it possible for patients to receive exams almost anywhere.
* Tomography in Digital Radiography - Bonnyville Health Centre, Alberta. GE's VolumeRAD™ digital radiography technology is providing healthcare practitioners in this community with an important tool to manage care locally, avoiding patient transport for critical injuries including head and neck.
"Managing costs, while increasing quality and access, can be done -- if government, health care agencies and institutions, businesses, academic bodies, patient interest groups, all of us, collaborate.," said Peter Robertson at Thursday's press event. "GE and GE Healthcare is committed to developing new, high-tech, but low-cost, technologies to ensure Canadians can access cutting edge healthcare in a more sustainable way."
ABOUT GE:
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, medical imaging, and television programming, GE operates in more than 100 countries and employs more than 300,000 people worldwide. In Canada, GE has more than 9,000 employees across the country. For more information, visit the company's Web site at www.ge.com/ca.
GE Healthcare provides transformational medical technologies and services that are shaping a new age of patient care. Our broad expertise in medical imaging and information technologies, medical diagnostics, patient monitoring systems, drug discovery, biopharmaceutical manufacturing technologies, performance improvement and performance solutions services help our customers to deliver better care to more people around the world at a lower cost. In addition, we partner with healthcare leaders, striving to leverage the global policy change necessary to implement a successful shift to sustainable healthcare systems.
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. Headquartered in the United Kingdom, GE Healthcare is a $17 billion unit of General Electric Company (NYSE: GE). Worldwide, GE Healthcare employs more than 46,000 people committed to serving healthcare professionals and their patients in more than 100 countries. . In Canada, GE has more than 700 employees across the country. For more information about GE Healthcare, visit our website at http://www.gehealthcare.com.
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