GE Healthcare

GE Healthcare is an American conglomerate incorporated in New York City, headquartered in Chicago, Illinois. He is one of the leading providers of healthcare solutions in the global market, combining diagnostic systems, life support systems, solutions in the field of drug development, IT and improving the effectiveness of LPUs in his portfolio.

GE Healthcare is the manufacturer and distributor of various diagnostic equipment: computer and magnetic resonance imaging, ultrasound systems, angiographic, mammography and X-ray machines, etc.

For 2018, the company offers medical technology and related services in more than 100 countries.

Financial performance

Main Article: GE Healthcare Financial Performance

Purchase and sale of assets

Main Article: Purchase and Sale of GE Healthcare Assets

Business in Russia and CIS

Main article: GE Healthcare Russia and CIS

GE Healthcare Defective and Hazardous Products

Main Article: GE Healthcare Defective and Hazardous Products

Company history

2023: Admission of bribing Chinese officials

At the end of October 2023, the American multinational company GE HealthCare Technologies reported potential violations of anti-bribery legislation by its Chinese structures. The relevant information is forwarded to the US Securities and Exchange Commission (SEC).

We are talking about non-compliance with the American federal law on corruption abroad (FCPA). It regulates "the facts of offering, promising, providing tangible and intangible benefits to any foreign official." That is, the document prohibits companies from bribing foreign government officials in the interests of their business.

GE HealthCare Technologies Reports Potential Violations by Its Chinese Entities of Legislation

The notice, sent to the SEC, notes that GE HealthCare recorded "tenders violations and other potential noncompliance" in some Chinese provinces. No other details, including possible damage or consequences, have been disclosed as of early November 2023. But GE HealthCare emphasizes that it is cooperating with the SEC and the U.S. Department of Justice to address the issue. The company is ready to provide information in response to any official requests.

GE HealthCare strives for integrity and compliance with laws in all countries of presence. We are constantly looking for ways to improve our internal policy and business practice, - said representatives of the company.

The filing with the SEC marked the first time GE HealthCare has disclosed potential violations of the FCPA. The company also said it had made some changes to its corporate requirements to prevent such incidents from happening again in the future. GE HealthCare could face penalties following a regulatory investigation.^[1]

2022: Separation from Parent Company

On July 18, 2022, it was revealed that GE Healthcare would retain its name after splitting from its parent company. However, in the new name, the "C" in the word "healthcare" (i.e. GE HealthCare) will be capitalized - a move the company says better demonstrates the healthcare business's focus on supporting both better health and better care, as well as the interdependence of the two. The new logo also uses a softer font, and GE's classic blue is replaced with soft purple, which should evoke a sense of compassion.

We came to this decision by listening to the people who know us best: our team members and customers. We learned that GE Healthcare is a name associated with innovation, trust and reliability, and the monogram symbolizes quality, safety and trust. At the same time, we knew we had the opportunity to connect more closely with our work supporting patients and providers, "GE Healthcare CEO Peter Arduini said in a news release.

GE HealthCare splits from parent company and rebrands

GE HealthCare, one of the world's largest medical device businesses with an annual revenue of about $18 billion, will trade under the symbol GEHC on the Nasdaq exchange after the planned completion of the allocation scheduled for 2023.

power GE's existing business portfolio will be consolidated under the GE Vernova win brand, which will be spun off in early 2024. GE's aviation business will be called GE Aerospace.

The choice of GE HealthCare's name and logo reflects a promise to address some complex health issues, company officials said.

You will see our brand evolve to focus more on the impact we have as a healthcare company, "said Christine Fallon, vice president of global brand and digital marketing for the healthcare company. We are in the process of developing dynamically between heritage and new trends, and the desire to articulate more clearly our goal of being ministers of eternal and comprehensive health experiences. The choice of name and color reflects this.[2]

2021

General Electric announced a split into 3 companies

On November 9, 2021, General Electric announced a restructuring that would split the conglomerate into three stand-alone public companies specializing in health care, aviation and power. The move is part of an ongoing transformation and downsizing of the industrial giant, which has swelled under former CEO Jeff Immelt. The partition will take place from 2023 to 2024. The partition will be for three companies, a company with aviation assets of GE Aviation, a company with assets in medical technology and healthcare products of GE Healthcare, and GE Power, which will combine energy assets and technology assets of GE Renewable Energy, GE Power and GE Digital. Read more here.

Peter Arduini is the new head of the company

At the end of June 2021, it became known that Peter Arduini, who previously worked for 15 years in senior positions at GE Healthcare, will return to the company as CEO. Arduini is due to succeed current GE Healthcare chief Kieran Murphy on January 3, 2022. Read more here.

2019

Return of exclusive rights to contrasting agents

June 27, 2019 it became known that Daiichi Sankyo Company, Limited (Daichi Sankyo Company, Limited) and GE Healthcare (G-I Healthcare) have agreed that Daiichi Sankyo will return to GE Healthcare the exclusive rights to further develop and market in Japan four approved diagnostic contrast agents and transfer marketing authorization rights to (RU) in Japan to GE Healthcare Pharma Limited.

Based on this agreement, Daiichi Sankyo and GE Healthcare will work closely in the transfer of rights to the RU, expected to be completed in March 2020.

After that, GE Healthcare Pharma will assume responsibility for all aspects of commercialization, registration and safety of these drugs in Japan. Daiichi Sankyo will continue to sell these products to wholesale companies until March 2022, after which these operations will also be taken over by GE Healthcare Pharma.

The above contract applies to the following four drugs: Omnipaque (non-ionic radiopaque agent), Omniscan (non-ionic linear contrast agent for MRI), Visipaque (isoosmolar non-ionic radiopaque agent) and Sonazoid (contrast agent for ultrasound).

Daiichi Sankyo and GE Healthcare began collaborating on these four products since 1987. Now, responding to changes in the field of medical care, GE Healthcare Pharma will directly deal with sales of contrast agents to ensure the stability^[3] supply^[4].

Expensive hours and golf club membership: GE, Philips and Siemens employees told how they bribe doctors for supplying medical equipment

In mid-June 2019, employees of GE, Philips and Siemens testified in a Chinese court about bribing low-paid hospital employees for purchasing medical devices of these companies. Read more here.

Delivery of equipment for diagnostics of athletes in the framework of the Championship in Gwangju

On June 13, 2019, information appeared that representatives of the American company GE Healthcare signed an agreement with representatives of the organizing committee of the Aquatics Championship, which will be held in Gwangju (Republic of Korea) from July 12 to 28.

As reported Regnum with reference to Yonhap News, GE Healthcare will provide ultrasonic X-ray equipment for the diagnosis of athletes.

GE Healthcare is a manufacturer of medical equipment and biopharmaceuticals and has previously sponsored during the Gwangju Summer Universiade (2015), Pyeongchang Winter Olympics (2018) and Formula One.^[5]

FBI investigates bribery of officials in General Electric medical equipment sale

On May 17, 2019, it became known that the FBI was investigating over alleged bribes that were given by Johnson & Johnson, Siemens, General Electric and Philips to  sell their medical equipment in Brazil. Read more here.

2018

Separation from General Electric to reduce debt

On June 26, 2018, US industrial giant General Electric announced the separation of its medical division - GE Healthcare. The company does this in order to save money.

According to a statement from General Electric, an estimated 20 percent share of the medical business will be sold and the remaining one will become a standalone company within 12 to 18 months. The new company, whose shares will be distributed among existing shareholders, will assume the obligations of the parent holding in the amount of $18 billion. Kieran Murphy will remain CEO.

General Electric Separates Medical Unit to Cut Billions in Debt

Earlier, one of General Electric's main competitors in the medical device market - the German Siemens - also separated the corresponding division from itself. The new legal structure was named. Siemens Healthineers What name the company will receive, which will appear on the basis of GE Healthcare assets, is not reported. It is possible that this company will become public - its shares will be traded on one of the stock exchanges.

According to Reuters news agency, General Electric has decided to restructure its medical business amid growing competition from Siemens, Philips and Chinese vendors.

General Electric CEO John Flannery, in a press release, calls GE Healthcare a clear example of what the best General Electric should be - "anticipating customer needs, overcoming challenges with innovation, and delivering life-changing products and services."

GE Healthcare's branch is the result of a strategy overhaul that lasted for a year under John Flannery. The process has been painful for both  General Electric employees and investors. The company has cut payouts and outlined plans to reduce a host of businesses.

The final plan calls for General Electric's focus on the electricity, aviation , and renewable energy businesses. These divisions, which generate more than half of the revenue, predominantly sell turbines to power plants and engines to aircraft manufacturers.

The division of a key health services unit will weaken General Electric's diversification, as well as reduce the company's profit and cash flow, which could lead to increased volatility in profit and cash flow indicators, according to experts at S&P Global Ratings.

For a 12-month period, by June 26, 2018, General Electric shares fell about, and the company's market capitalization fell by more than $100 billion. Shares of General Electric in early July 2018 will be excluded from the Dow Jones index.

According to General Electric's plans, through restructuring, the corporation will reduce net debt by $25 billion and provide more than $15 billion of its own funds on its balance sheet. The restructuring plan involves the sale of assets for $20 billion by the end of 2019.

In June 2018, the company announced the sale of the industrial turbine division to Advent International for $3.25 billion. In addition, plans were announced to get rid of a stake in the oil  company Baker Hughes.

General Electric's revamped board has approved the new strategy and has no plans to sell additional units or split the aviation and electricity businesses.

The company's remaining divisions use similar technologies and markets, while "with GE Healthcare, the company has limited synergy," said Fitch analyst Eric Auz.

After General Electric reported a separation of the medical division, the company's shares fell 5.2% in preliminary trading on June 26, 2018.^[6]

GE Healthcare Teaches How To Serve Medical Equipment In Virtual Reality

In June 2018, GE Healthcare introduced a dedicated virtual reality program to train engineers working with medical equipment.

The company expects that until 2028, a quarter of engineers using and servicing medical devices will stop working, leaving the next generation without guidance. GE Healthcare's new initiative addresses this challenge: The program was originally used to train nurses to work with vital signs monitoring machines, and now it's the device can become a platform for future engineers.

GE Healthcare has introduced a dedicated virtual reality program to train engineers working with medical equipment.

Using virtual reality glasses, combinations of photos and images are projected in front of the user, and CAD the remote control allows him to perform various actions on scenarios modeled on real situations. The developed programs teach future engineers to maintain and troubleshoot systems in the workplace.

This technique eliminates the need for personal presence in an educational institution, and also allows students to save money on transportation costs and study on the job. This training methodology generally reduces the economic burden on the budget of enterprises that no longer need to send workers to specialized educational institutions.

Using this technology will also help standardize equipment maintenance and repair in cost-effective models. In addition, virtual reality programs allow students to err and learn from these mistakes without major consequences for patients.

The developers of the program are confident that such funds will soon begin to be widely used in the market for training services for specialists of various profiles.^[7]

2017

Working with Intel and Nvidia

In November 2017, at the annual conference of the Society of Radiologists of North America, GE Healthcare announced that it was working in collaboration with Nvidia and Intel to introduce artificial intelligence technologies into the healthcare system.

The new partnership between GE Healthcare and Nvidia was a continuation of a 10-year partnership in which the companies introduced complex neural networks in 500 thousand GE Healthcare devices around the world and accelerated the processing of X-ray data. Thanks to the Nvidia Revolution Frontier computing platform, introduced in November 2017, the GE CT system processes images twice as quickly as the previous model. It is believed that speeding up and improving the quality of data processing will improve clinical outcomes by reducing the need for repeat studies.

According to the report, each hospital generates more than 50 PB of data per year on average, but only 3% of such information is analyzed.

GE Healthcare teams up with Intel and Nvidia to work on artificial intelligence

In November 2017, GE Healthcare also announced that it was working in collaboration with Intel to improve the quality of digital image processing. Joint technologies from companies should help improve patient care and reduce costs for the healthcare system. Partners aim to improve treatment effectiveness by improving the functioning of the mechanisms involved, reducing the risk of side effects for patients, and reducing radiation exposure. Faster image processing will speed up diagnosis, which will allow you to prescribe treatment faster.

GE Healthcare is set to use the new Intel Xeon Scalable platform, which will deliver a 25 percent reduction in the cost of imaging devices. GE Healthcare and Intel have been collaborating for more than 20 years and are ready to invest in a common project - a digital imaging laboratory in Chicago. The Joint Laboratory (JPAL) will develop, validate and test a wide range of hardware and software technologies for image processing.^[8]

Transforming MRI machines for children's hospitals

GE Healthcare Design

In November 2017, it was reported that industrial designer Doug Dietz, together with his colleagues from GE Healthcare, implemented a project to comprehensively transform devices for CT, MRI and PET scans specifically for 27 children's hospitals in the United States.

Through the efforts of GE Healthcare workers, the devices were stylized as spaceships, pirate islands and other favorite places for babies.

According to GE Healthcare estimates, the implementation of this idea cost the company about $50 thousand.^[9] Read more here.

Opening Europe's first 3D printing center

In October 2017, GE Healthcare opened its first 3D printing center in Europe. He earned in the Swedish city of Uppsala.

The specialists of the new structure, called Innovative Design and Advanced Manufacturing Technology Center, will use 3D printers that print objects using metal and polymers, as well as robotic technologies to accelerate the development of new products.

GE Healthcare has built its first 3D printing center in Europe

Research and design teams will work closely with process engineers and clients to design, test, and manufacture parts intended for GE Healthcare devices by bulk printing.

The company notes that the choice of Uppsala as the construction site of the 3D printing laboratory was not chosen by chance: this city has accumulated the infrastructure and expertise necessary for the successful implementation of projects.

The center is at the center of the largest research organization within the GE Healthcare Life Sciences division, which employs 400 people, says Andreas Markstrom, additive manufacturing manager at Innovative Design and Advanced Manufacturing Technology Center. - At the same enterprises, we have teams with experience in post-processing, global supply and production.

According to him, the use of 3D printers potentially reduces costs, improves the efficiency of the supply chain and improves the quality of finished products. For example, one component printed on such equipment can combine 20 parts at once and thus increase the performance of the system, Markstrom noted.

This approach is especially beneficial in the bio-production industry, since the equipment here consists of hundreds of different components, he added.^[10]

Cloud services for ECG monitoring

In July 2017, GE Healthcare announced cloud-based services for remote monitoring of electrocardiograms. The company's partner in this project was LifeWatch Services, a firm specializing in telemedicine solutions for heart rate control and sleep analysis.

According to the American Centers for Disease Control and Prevention, about 610 thousand people die from heart disease in the United States every year. One reason for so many deaths is the difficult control of patients outside the hospital walls.

GE Healthcare announces cloud services for remote monitoring of electrocardiogram

In the United States, there are so-called independent diagnostic laboratories (IDTF), in which, as noted by the head of the diagnostic cardiology unit of GE Healthcare, Ashutosh Banerjee (Ashutosh Banerjee), monitor the work of the heart of patients under the supervision of doctors in clinics and at home.

In real time, they monitor every heartbeat from each patient connected to their equipment [Holter monitor, mobile cardiotelemetry devices or ECG event recorder - website note DOTmed.com], and detect deviations, he said.

GE Healthcare has created a dedicated algorithm cloud server (Algorithm Server) that helps IDTF centers filter normal and abnormal ECGs connected to their services. By early July 2017, GE Healthcare offers 21 patented algorithms providing detection and decoding of various cardiac abnormalities. Most of these programs were developed in collaboration with clinical researchers around the world.

GE Healthcare claims that the company has the world's only proven clinical trial algorithm that recognizes pacemakers and remotely adjusts their operation so that they can always accurately interpret the ECG.

The first algorithm running on GE Healthcare's cloud server is called EK12. The commercial launch of the server itself is expected by the end of 2017.^[11]

Kieran Murphy is GE Healthcare's new CEO

In June 2017, Kieran Murphy was appointed CEO and President of GE Healthcare instead of John Flannery, who was promoted to head of General Electric (GE). Read more here.

Plans to double the staff of programmers

On March 22, 2017, it became known about GE Healthcare's plans to double the number of programmers. The company is actively investing in the development of software and digital technologies.

According to Business Insider, citing GE Healthcare CEO John Flannery, by March 2017, the company employs about 5,000 programmers, which corresponds to 10% of the total staff. In the next two years, the number of such specialists in GE Healthcare will grow by another 5 thousand people, the top manager said.

John Flannery

According to him, the staff of software developers will increase both through direct recruitment of employees and as a result of cooperation with other companies.

The head of GE Healthcare said the new programmers will work on a kind of app store for GE's Predix software platform, which is used to collect and analyze data coming from industrial equipment. Thanks to this portal, GE Healthcare itself and other companies will be able to create medical software for this platform.

We will hire programmers, data and image analysts to develop our own applications, as well as develop the platform and its capabilities to host hundreds of other programs, "Flannery said.

GE Healthcare is also working to improve the efficiency of IT infrastructure in a variety of healthcare settings. For example, at Johns Hopkins University, the company connected dozens of IT systems with each other, which reduced the waiting time for patients.

GE Healthcare plans to invest about $500 million in software development and recruitment of programmers in the state by 2018.^[12]

Moving hundreds of employees to new HQ

In February 2017, it became known about the transfer of hundreds of GE Healthcare employees to the new headquarters of the company. To a greater extent, this affected programmers, according to the Chicago Tribune.

In 2016, GE Healthcare announced the relocation of its headquarters from the UK to Chicago (USA) - to a building located in the city center at 500 W. Monroe St. By the end of February 2017, the office employs about 600 people. Among them is the management staff of GE Healthcare.

GE Healthcare programmers at work in Barrington office

GE Healthcare is moving to the new headquarters of employees working in Barrington (a suburb of Chicago). How many people are planned to be transferred to the metropolis is not specified. The company only noted that the total number of GE employees in the building at 500 W. Monroe St. will exceed 1000 people.

Among them will be software developers, data processing and analysis specialists, product managers, etc. In addition to GE Healthcare employees, the Chicago office will employ employees of another General Electric division - Transportation Digital Solutions.

GE Healthcare CEO John Flannery said in an interview with Blue Sky that the company would like to be closer to the Chicago healthcare ecosystem, as well as to local universities, startups and medical institutions. Thanks to this, the manufacturer will be able to more closely interact with customers and companies that create and use applications on the GE Health Cloud platform.

Companies increasingly want to be in places where not only their employees are present. The main premise of this step [moving staff to a new headquarters - note Zdrav.Expert] is to accelerate our investment in the digital platform and do so in downtown Chicago, where we believe the truly best technology ecosystem is deployed, "Flannery said.[13]

GE Healthcare paid $215,000 in compensation to a stuck MRI machine

In February 2017, it became known that GE Healthcare paid compensation to Swami Ramaiah, a 40-year-old employee of Tata Memorial Hospital (Mumbai, India), who was injured in an accident with a magnetic resonance imaging apparatus .

The incident occurred in November 2014. Engineer Swami Ramayah found himself trapped in MRI equipment after his assistant entered the office with an oxygen metal cylinder. As a result, a strong magnetic field arose, which pulled Ramayakh into the hole of the medical apparatus and clamped there along with the ward's hand.

Swami Ramayah and his assistant are stuck in MRI equipment, photo 2014

In this position (see photo above), they stayed for about four hours - until a specialist from GE Healthcare arrived and shut down the system. They tried to rescue the stuck people 20 people who were pulling by a rope tied to an oxygen tank, but they did not work out.

During their time in this trap, blood circulation in Swami Ramayyah's organs below the waist was hampered, provoking their paralysis. He also received injuries to the bladder and kidneys, and another technician had a broken shoulder.

We were shocked, "recalls Sudeep Gupta, deputy director of the cancer center at Tata Memorial Hospital. - Despite the attempts, we simply could not turn off the car. In theory, we should have rescued both of our employees in 30 seconds, but they were stuck for four hours.

GE Healthcare was later sued for having the MRI device off button deactivated by the manufacturer. The company was found guilty, and the court sentenced her to pay compensation in the amount of $215 thousand in favor of Ramayakh.

The injured hospital employee returned to work in May 2015, however, due to psychological injuries, he was able to re-enter the office in which the MRI is located only recently, according to the publication of the Mumbai Mirror on February 5, 2017.^[14]

2016

Hybrid Operating Room Project with Getinge

On August 25, 2016, the American medical device manufacturer GE Healthcare and the Swedish company Getinge Group, known for developing various devices for healthcare and biological sciences, presented an angiographic integrated solution for hybrid operating rooms. Read more here.

Cell Therapy Technology Investment Plans

In July 2016, it became known about the company's intention to invest $1 billion in creating a business in the field of cell therapy. This is a new and considered promising trend in medicine, which some analysts predict explosive growth in the foreseeable future. GE Healthcare sees its role not in developing the actual medical solutions and drugs, but in creating the technological systems necessary for cellular manipulation.

According to GE's internal estimates, sales in the cell therapy segment by 2020 could reach up to $10 billion and $30 billion by 2030, assuming that the cost of treating each patient is calculated based on $250,000. True, some analysts are inclined in their forecasts to double the amount.

The first products of its kind from Juno, Kite Pharma and Novartis are expected to hit the market this year. During the trials, they showed remarkable results in the fight against leukemia and lymphoma, leading to a complete cure of the part of patients for whom all other treatment options have already been exhausted.

The main step towards staking out the opening high-margin segment should be for GE Healthcare to acquire the Swiss company Biosafe Group, which supplies cell processing systems. Such a deal, according to the calculations of GE Healthcare, will allow the company to double its capabilities in this area, bringing 230 new customers at once. The price of the transaction was not disclosed.

Creating a wearable health control gadget

In June 2016, GE Healthcare announced the development of a wearable gadget that allows you to monitor the basic indicators of the state of the body and transmit this information to the phone.

GE Healthcare has created a wearable health control gadget

The adhesive plaster-like device is equipped with organic LEDs (OLEDs), which analyze the chemical composition of sweat, heart rate, blood pressure, blood oxygen saturation level and even the electrocardiogram.

All this information can be transmitted wirelessly to a smartphone or other device, making the GE Healthcare gadget an effective tool for remote monitoring of patients.

By June 21, 2016, neither the name of this product nor the timing of its release into the mass market was known. It is undergoing clinical trials in the area of hydration level control and exercise during training.

The transformations that have happened with mobile phones are now taking place in patient control and surveillance technologies, "says Erno Muuranto, head of the GE Global Research Laboratory. - The world is committed to wireless and wearable solutions. We could run hospitals as smart factories. Wireless sensors and data analysis will help you correctly diagnose first aid. This will allow us to provide the right care faster and discharge patients from the hospital. In addition, it will help remotely monitor people from home. All this will help improve the care of the sick and the situation with expenses.

GE Healthcare believes that the use of wearable medical sensors that can quickly communicate with other devices will become common practice within five years. In this regard, the company plans to send huge amounts of medical data generated by these sensors to the cloud service.^[15]

Relocation of Chicago Headquarters

In January 2016, GE Healthcare announced the relocation of its global headquarters in Chicago (USA).

2015: Lee Cooper named head of GE Healthcare

In December 2015, Lee Cooper became chief executive of GE Healthcare, replacing Marcelo Mosci. Cooper served as vice president of global sales and marketing for GE Energy Management and by this time had worked for the company for 25 years.

In July 2015, GE Healthcare partnered with CrossFit Games to provide athletes with mobile imaging tools.

2008: John Dinin is the new head of the company

In July 2008, Josef Hogan announced his decision to leave the post of head of GE Healthcare, which was due to the decision to take the position of managing director at ABB.

On July 17, 2008, GE Healthcare announced the appointment of John Dineen as the new head of the company. Prior to that, he served as head of GE's transportation division since 2005.

1994: Establishment of GE Healthcare

In 1994, GE Healthcare was established.

XIX century: Foundation of the company, X-ray machines

In 1893, Americans Samms (C.F. Samms) and Wontz (J.B. Wantz) founded the Victor Electric Company in the basement.

By 1896, they were producing electrostatic generators for X-ray and electro-therapeutic devices. 3 thousand dollars were invested in the company and 6 people worked in it.

In 1896, just a year after the invention of X-ray machines, Victor Electric began producing its own X-ray machines. The company's business grew very quickly and in the same year it moved to a premises that were three times larger in area. This was also not enough and until 1899 had to move three more times.

Victor Electric had competitors. In 1896, G.A.Frye also manufactured X-ray machines and in 1897 this firm was taken over by Swett & Lewis, the first merger deal in the business.

Notes