GE Healthcare, the $17-billion healthcare arm of General Electric launched new, low cost products, aimed at developing markets such as India, as the company seeks to spend around $6 billion on its global strategy to grow its revenues from emerging markets.
As part of its ‘Healthymagination’ initiative, GE will spend $3 billion over the next six years on research and development, provide $2 billion of financing over the next six years to drive healthcare information technology and health in rural and underserved areas, and invest $1 billion in partnerships, content and services.
“The Indian healthcare industry is in transition and needs substantial investment to build new models of healthcare systems. The increase in healthcare costs required to maintain good standards cannot be sustained,” said TP Chopra, president & CEO, GE India. As part of its new healthymagination initiative, GE will launch at least 100 innovations that will lower cost, increase access and improve quality of healthcare by 15%, the company said.
GE has also demonstrated a hand-held ultrasound machine and a bassinet with an overhead heater among products to be manufactured as part of the company’s strategy to shift its focus to lower cost products in Washington.