- Business growth strategy centers on better healthcare for more people at lower cost
- Built on successful ecomagination model
- $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
- Focus on four critical needs: low-cost technology; healthcare IT; innovation for all; and consumer-driven healthcare
- Improve GE employee health and competitiveness
- Strengthen GE Healthcare business model, widen value gap between healthcare earnings and healthcare spend
- NBC to expand health content, including new daily health show on MSNBC
MANILA, November 5, 2010-- GE announced today the official launch in the Philippines of its new growth pillar, 'healthymagination,' a GE company-wide initiative that will address the need for sustainable health worldwide, as well as the need for cleaner energy and better healthcare.
The event will be held at the Shangri-la Hotel in Makati City with Hon. Sec. Enrique Ona of the Department of Health as the distinguished guest of honor and keynote speaker. The affair will also be attended by GE business leaders led by Stuart Dean, President, ASEAN, GE and Mr. David Utama, President and CEO, GE Healthcare, who will talk about healthymagination and how it can help solve the most pressing challenges in healthcare and enable people to live healthier lives. Other GE key executives, the company's local business partners in healthcare and medical practitioners are expected to attend the launch.
In line with healthymagination, GE is poised to spend $3 billion over the next six years on healthcare innovation that will help deliver better care to more people at lower cost. In addition, the company will commit $2 billion of financing and $1 billion in related GE technology and content to drive healthcare information technology and health in rural and underserved areas. These investments are the foundation of GE's healthymagination initiative, which is built on the global commitments of reducing costs, improving quality and expanding access for millions of people.
Under healthymagination, by 2015 GE will:
- Invest $3 billion in research and development to launch at least 100 innovations that lower cost, increase access and improve quality by 15 percent. GE will also apply its expertise in services and its suite of performance improvement tools for impact in these areas. These actions will strengthen GE Healthcare's business model.
- Work with partners to focus innovations on four critical needs to start: accelerating healthcare information technology; target high-tech products to more affordable price points; broaden access to the underserved; and support consumer-driven health.
- Expand its employee health efforts by creating new wellness and healthy worksite programs while keeping cost increases below the rate of inflation.
- Increase the "value gap" between its health spend and GE Healthcare earnings to drive new value for GE shareholders.
- Engage and report on its progress. GE will engage experts and leaders on policy and programs and create a GE Health Advisory Board, which will include former U.S. senators Bill Frist and Tom Daschle and other global healthcare leaders.
Healthymagination will draw on capabilities from across GE, including GE Healthcare, GE Capital, GE Water, NBC Universal, the GE Global Research Center as well as the GE Foundation, the philanthropic arm of GE.
During the first launch in the U.S, earlier this year, Jeff R. Immelt, GE Chairman and CEO said, "Healthcare industry is an important industry that is challenged by rising costs, inequality of access and persistent quality issues. Healthcare needs new solutions. We must combine technology with innovations and smarter processes that help doctors and hospitals deliver better healthcare to more people at a lower cost.
"Healthymagination is our business strategy that seeks to help people live healthier lives, support customer success and help GE grow," Immelt added. "We will invest in innovations that measurably improve cost, access and quality. That means lower-cost technology for more customers, products matched to specific local needs and process expertise to help customers win.
"Healthymagination open us up in GE to new opportunities we see in healthcare," David Utama, GE healthcare President & CEO, ASEAN said. "With GE's newest innovations such as low-cost digital x-ray machines, portable ultrasounds, more affordable cardiac equipment, rural and urban areas and developing countries can have access to the best technology, affordably."
"No other time is the best time to the healthcare business in a new position than now. Our customers are looking for productivity and solutions. We will focus on the products, the process excellence and the partnerships that broaden access to healthcare and reduce its cost in order to address our customers who are looking for productivity and solutions."
INNOVATIONS FOCUSED ON COST, ACCESS AND QUALITY
GE will more than double its research and development spending on healthymagination products, totaling $3 billion by 2015, meaning at least half of GE Healthcare's spending will be on innovations that:
- 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.
In addition to the $3 billion spend by GE Healthcare, GE Capital will provide $2 billion in financing for advancing healthcare IT and several GE businesses will spend $1 billion over the next five years for partnerships, media content and services related to healthymagination.
Oxford Analytica, an independent, Oxford-based international research and consultancy firm, is reviewing GE commitments in products and services innovations to determine if they meet healthymagination standards. To date, Oxford Analytica has qualified seven GE products that yield 15 percent improvement in cost, access and quality, with 20 more in the pipeline. GE's goal is to qualify 100 healthymagination innovations by 2015.
"Healthymagination initiative is consistent with GE's global growth strategy of aligning our businesses with the greatest growth opportunities of the next decade. Our focus on the environment and affordable healthcare will be our pillar strategies for growth into the next decade." exclaimed Stuart Dean, GE President and CEO, ASEAN.
For more details about healthymagination, visit www.healthymagination.com/news. Follow the conversation today on Twitter at #GEhealth or @GE_reports.
Media Contacts
Maria Jessica O. Blas
GE
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Philippines, Singapore, Cambodia and Vietnam
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M +63 917 515 9124
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E [email protected]
Raquel Hizon
PROPA Consultancy
Managing Director
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M +63 918 923 0694
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Corporate Communications
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