GE Healthcare has joined the ranks of the Advanced Medical Technology Association in an effort to advance policies in support of medical progress and improved patient care.
The induction of the $19 billion healthcare business as an AdvaMed member provides it access to global thought leadership as well as policy area expertise regarding offering greater service to its customers and patients worldwide.
“GE Healthcare is one of the world's largest, most innovative companies, with a presence in every major market worldwide,” Andrew Steiner, vice President of membership and business development for AdvaMed, told HCB News. “Just as GE will benefit from being part of AdvaMed and the extensive experience the association has in regulatory, reimbursement, legal and international issues, so AdvaMed will benefit from the resources and expertise GE has built up over decades on the forefront of innovation and patient care.”
In joining AdvaMed, GE Healthcare expects greater opportunities to develop high quality, lifesaving technology through innovations, appropriate regulations and fair reimbursement opportunities offered by the association. It also perceives its entry as a strategic move for creating greater accessibility and increasing the safety of its products for customers, physicians and patients globally.
As part of its newfound membership, GE Healthcare will work with other industry leaders in the association to provide greater access among hospitals and health systems worldwide to advances and innovations for patient care.
In addition, its president and CEO of imaging, Tom McGuinness, will join AdvaMed as a member of its board of directors.
The decision of the multinational conglomerate to join AdvaMed follows a difficult year for the company, which has experienced a loss of $100 billion in wealth, with its stock dropping by 55 percent against a 15 percent overall fall of the Dow, a fact that eventually led to its removal
from the Dow Jones Industrial Average, a place it held steady on continuously since November 7, 1907.
Its hardships became more evident in June, when General Electric CEO John Flannery announced his plans to spin off
the healthcare division as a separate entity in an effort to focus on core businesses in aviation, power and renewable energy.
The news of its membership also follows the recent sale
of its software unit to private equity firm Veritas Capital for $1 billion.
McGuinness says joining AdvaMed provides GE Healthcare the opportunity to establish and maintain different partnerships with other medical technology companies that will help it in achieving its objectives now and when it officially becomes its own company.
"GE Healthcare has always recognized the importance of advocacy and improving access to health care across the world," he told HCB News. "As we transition to a standalone health care company, we believe it is critical to continue to partner with other medical technology leaders to foster an environment that promotes innovation and access to lifesaving technology. AdvaMed enables dialogue across the entire medical technology spectrum, and we want to continue to be a part of this conversation."
AdvaMed recently completed
its own acquisition of the MedTech Conference, a global gathering for the medical technology industry that offers networking, education and partnership opportunities.
“We are always looking to grow the AdvaMed family and invite any medtech company that is not a member to contact us and learn what we have to offer,” said Steiner. We are seeing more tech companies looking to join our organization because of how the medical device field is rapidly expanding. This is one of the reasons that GE joined, and we expect other device companies as well as pure tech companies to follow.”
GE Healthcare currently runs its operations in more than 140 countries worldwide.