Healthymagination is GE’s six-year, $6 billion commitment to achieving sustainable health. It aims towards improving healthcare in order to help better deliver care to more people at a lower cost, while growing the company at the same time. It’s a core global business strategy that GE designed to generate revenue and position itself for long-term growth. It’s been a year since the company has made this commitment and has issued an annual report to celebrate its first anniversary. The report highlights the achievements made during this year and can be read here.
Since launching healthymagination in May 2009, GE has reached their year-one goals with $700 million in R&D investments, $250 million in capital investments and the launch of 24 new products and technologies. Healthymagination initiatives include product and service innovations, groundbreaking partnerships, employee wellness programs and other solutions aimed at improving every level of the global health system. Multiple GE businesses including GE Water, GE Capital and GE Healthcare are involved in making the healthymagination vision a reality.
A key focus of healthymagination is to emphasize on an earlier model of care. Recent statistics that support the need for this focus include those revealed by the Health Authority Abu Dhabi: 70 percent of Emiratis above the age of 18 are at risk of developing cardiovascular diseases. The results showed that more than 30 percent screened were overweight, another 30 percent were obese and more than 21 percent had diabetes or were in danger of developing this disease. These health trends also call for a greater focus on healthcare spending. Today, the funding mechanism for healthcare spending is a key challenge faced by governments in the Middle East region. Morever, regional government healthcare budgets have been rising over the years to meet the demand of a growing population.
GE Healthcare’s healthymagination initiative also aims at complementing the efforts of the government and private sectors. According to a recent report by Alpen Capital, the GCC healthcare sector is expected to grow threefold from US$47 billion to US$55 billion in the next ten years. Other estimates state that the region is currently spending US$14 billion on new hospitals and healthcare facilities through joint ventures and public-private partnerships.
GE Healthcare recently conducted a media summit in Abu Dhabi to discuss issues and solutions for the healthcare industry in the Middle East. Video highlights of the summit can be viewed here.
— GE Healthcare’s healthymagination highlighted as effective approach to manage healthcare costs in the Middle East
— Video highlights from the 2010 media summit
— Vscan: Ultra-sound technology that fits in your pocket