Bringing technology to the bedside of patients and ensuring that it fits the pocket size of the poor is bearing fruits for GE Healthcare in India
For starters, GE Healthcare India has reversed the trend of importing medical care technologies to India. In fact, it has built a portfolio of innovative indigenous products that are being sold globally, including developed markets of US & UK. V. Raja, President & CEO, GE Healthcare, South Asia comments, “The answer (to bringing prices down) came in the form of local manufacturers as it was cheaper as well as import duties were not applicable. However, local manufacturing called for significant investments in the form of buildings, tools and manpower. Moreover, there was this myth that locally manufactured products are not good in quality.” Indeed, relying upon local manufacturers for global quality products and that too at local costs is risky business. In fact, the only way out is acquisition and GE has been consistent with this strategy to invest in high technology, innovative businesses that deliver healthy toplines & bottomlines.
Besides, GE Healthcare India has invested a huge amount in R&D of medical equipments, and also unveiled a multi-billion dollar initiative called “Healthymagination” that aims to have a significant impact on improving health of patients worldwide by increasing access to cost-effective, quality health care products and services. GE Healthcare has partnered with the Government of India, state governments, and various Indian healthcare experts, thus making the initiative truly reflective of India’s healthcare needs. Further, at a time when others are shying away from investing in R&D (given the time & investment it requires) GE has gone ahead. In fact, it plans to spend $3 billion over the next six years on R&D that will help deliver better care to more people. In addition, GE has committed $2 billion of financing over the next six years to drive healthcare technology in rural areas, plus $1.5 billion for partnerships, content and services.
For starters, GE Healthcare India has reversed the trend of importing medical care technologies to India. In fact, it has built a portfolio of innovative indigenous products that are being sold globally, including developed markets of US & UK. V. Raja, President & CEO, GE Healthcare, South Asia comments, “The answer (to bringing prices down) came in the form of local manufacturers as it was cheaper as well as import duties were not applicable. However, local manufacturing called for significant investments in the form of buildings, tools and manpower. Moreover, there was this myth that locally manufactured products are not good in quality.” Indeed, relying upon local manufacturers for global quality products and that too at local costs is risky business. In fact, the only way out is acquisition and GE has been consistent with this strategy to invest in high technology, innovative businesses that deliver healthy toplines & bottomlines.
Besides, GE Healthcare India has invested a huge amount in R&D of medical equipments, and also unveiled a multi-billion dollar initiative called “Healthymagination” that aims to have a significant impact on improving health of patients worldwide by increasing access to cost-effective, quality health care products and services. GE Healthcare has partnered with the Government of India, state governments, and various Indian healthcare experts, thus making the initiative truly reflective of India’s healthcare needs. Further, at a time when others are shying away from investing in R&D (given the time & investment it requires) GE has gone ahead. In fact, it plans to spend $3 billion over the next six years on R&D that will help deliver better care to more people. In addition, GE has committed $2 billion of financing over the next six years to drive healthcare technology in rural areas, plus $1.5 billion for partnerships, content and services.
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