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GE, Intel form telehealth joint venture

Posted: 06 Aug 2010 ?? ?Print Version ?Bookmark and Share

Keywords:telehealth? health care? medical electronics?

GE and Intel Corp. are joining forces for health care delivery with the formation of 50/50 joint venture focused on telehealth and independent living. The new company will combine the assets of GE Healthcare's Home Health division and Intel's Digital Health Group. Pending regulatory and other customary closing conditions, the joint venture is expected to become operational by the end of the year. Financial terms were not disclosed.

The venture builds on the GE-Intel health care alliance announced in April 2009 around independent living and chronic disease management. GE and Intel share a common vision to use technology to bring more effective health care into millions of homes and to improve the lives of seniors and people with chronic conditions. With the dramatic increase of people living with chronic conditions, and a global aging population, there is a need to find new models of health care delivery and extend care to the home and other residential settings.

Once formed, the new company will develop and market products, services and technologies that promote healthy, independent living at home and in assisted living communities around the world. It will focus on three major segments: chronic disease management, independent living and assistive technologies. GE Healthcare and Intel will contribute assets in remote patient monitoring, independent living concepts and assistive technologies, such as the Intel Health Guide, Intel Reader and GE Healthcare's QuietCare.

"New models of care delivery are required to address some of the largest issues facing society today, including our aging population, increasing health care costs and a large number of people living with chronic conditions," said Paul Otellini, president and CEO, Intel. "We must rethink models of care that go beyond hospital and clinic visits, to home and community-based care models that allow for prevention, early detection, behavior change and social support. The creation of this new company is aimed at accelerating just that."

Jeff Immelt, chairman of the board and CEO, GE said "Controlling health care costs while bringing quality care to an increasingly aging population is one of the largest global challenges we face today. We think this joint venture will offer great potential to address these challenges by improving the quality of life for millions while lowering health care costs through new technology. This new company is the next step forward in a health care partnership that combines the complementary expertise and capabilities of GE and Intel to accelerate the development of innovative home health technology."

Under the terms of the agreement, the new company will combine an experienced team, home health assets, technology development, products, sales and marketing. With the combined talent, capabilities and capital sharing, the new company will also provide the focus required to speed innovation and delivery of products to market.

The new company will have headquarters in California. Louis Burns, currently VP and general manager of Intel's Digital Health Group, will be CEO of the new company, and Omar Ishrak, senior VP of GE and president and CEO, GE Healthcare Systems, will be chairman of the board.





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