General Electric spun off its healthcare business as a separate company. This will bolster what has been GE’s most lucrative part of its business portfolio. Technology always improves patient-provider communication and companies like GE have benefitted by investing in healthcare business by leveraging artificial intelligence and data analytics.
The healthcare unit recorded more than $9 billion in revenue in the year 2017. It saw a 5% revenue growth and 9% segment profit growth in the same year. GE healthcare provides monitoring, cell therapy, medical imaging and bio-manufacturing technology through artificial intelligence and data analytics. It serves customers in 150 countries around the world.
Kieran Murphy, president, and CEO of GE Healthcare will continue to lead the new GE Healthcare standalone company. Murphy has mentioned that GE Healthcare’s vision is to arrive at more individualized, effective and precise outcomes. He believes that this independence will lead to greater flexibility and opportunities for innovation and growth in the organization.
Murphy aims at building on strong customer demand for integrated precision health solutions that support digital and analytics capabilities.
John Flannery, GE Chairman, and CEO mentioned that GE would focus on aviation, power, renewable energy to create a simpler, stronger and leading high-tech industrial company.