GE (NYSE:GE) and Intel Corporation (NASDAQ: INTC) announced today an alliance to market and develop home-based health technologies that will help seniors live independently and patients with chronic conditions manage their care from the comfort of their home or wherever they choose.
GE Healthcare will sell and market the Intel? Health Guide, a care management tool designed for healthcare professionals who manage patients with chronic conditions. With the dramatic increase of people with chronic conditions and an aging population there is a need to extend care from the hospital to the home. GE Healthcare and Intel are helping to address these pressing issues. The market for telehealth and home health monitoring is predicted to grow from $3 billion in 2009 to an estimated $7.7 billion by 20121.
GE Chairman of the Board and CEO Jeff Immelt and Intel President and CEO Paul Otellini announced the alliance today, along with an investment of more than $250 million over the next five years for the research and product development of home-based health technologies. Key elements of the announcement include:
Global product research and development alliance: GE Healthcare and Intel will work together, combining their complementary skill sets and extensive research resources to accelerate the innovation and commercialization of next-generation home health technologies. Both companies also plan to expand their current development programs in home health and independent living technologies to include new areas such as fall prevention, medication compliance, sleep apnea, cardiovascular disease, diabetes and personal wellness monitoring. The combination of Intel’s leading capabilities in ethnographic research and technology development combined with GE’s world-class expertise and global distribution strengths in healthcare IT, electronic medical records, critical care and passive monitoring is a strong strategic fit.
Commercial business agreement: GE Healthcare will sell and market the Intel Health Guide, a personal health system, in the United States. GE Healthcare’s capabilities in disease management, and its distribution reach in the healthcare sector will help drive understanding of the benefits of this innovative technology, which includes patients’ self-monitoring of health status and a direct communications channel to healthcare professionals.
Immelt said, “Improving healthcare accessibility and reducing costs are essential to economic recovery and growth. We think this partnership offers the potential to lower costs by keeping people out of hospitals while giving health professionals the data they need to deliver the best possible care. Intel and GE share a vision to use technology to bring effective healthcare into millions of homes and to improve the lives of seniors and people with chronic illness. Together we can deliver innovative products to serve this rapidly growing market.”
Source: Intel, USA