GE's Healthymagination makes big strides in year one
Today GE released the inaugural annual report for Healthymagination, the company's global business strategy for achieving sustainable health. It details significant progress since the program's launch last May.
Healthymagination is a six-year, $6 billion commitment towards better health for more people by decreasing costs, improving quality and increasing access to healthcare. The program involves 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.
By 2015, Healthymagination is committed to investing $3 billion in R&D, $2 billion in financing and $1 billion in technology and content, launching at least 100 innovations that will lower cost, increase access and improve quality care.
In the year since its inception, Healthymagination has seen the release of two dozen innovative new products and services that are used by 135 million people. It's been the source of a $700 million investment in R&D, and of a $250 million investment in an equity fund focused on growing healthcare technology companies.
GE continues to work with partners to focus innovations on critical needs – accelerating health information technology, targeting high-tech products to more affordable price points, broadening access to the underserved and supporting consumer-driven health. It is on target for 100 innovations by 2015, with recent products including the portable handheld Vscan ultrasound and low-cost Brivo CT.
Among other milestones highlighted by the annual report, GE has:
- Pledged $350 million through the Stimulus Simplicity financing program and the Healthymagination Fund;
- 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; and
- Expanded its employee health efforts, launching HealthAhead, an employee wellness and site certification program to build a culture of health.
"Healthymagination works to address some of today's greatest global health challenges with new technologies and solutions," said Mike Barber, vice president of 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."
To view the healthymagination Annual Report visit www.healthymagination.com/report.