- GE Healthcare has joined hands with Australia based Genesis HealthCare to provide improved Cancer and Cardiovascular care
- The agreement is worth US$130 million and would synergize the existing niche of both the entities
- GE Healthcare would be providing medical imaging technologies like MRI, CT, Ultrasound equipment to combine with the GenesisCare’s expertise in Cancer and Cardiovascular treatments
- Advanced treatment like Theranostics would also be looked upon in the future
- Share price of GE surged by 7.7% on Monday’s session, and made a new 8-month high of US$9.41.
GE Healthcare is the healthcare division of the American multinational conglomerate, General Electric (NYSE: GE). The division alone is valued at US$16.7 billion and provides medical technology and related digital solutions on a global scale.
On 9th November, the GE announced that it has entered into a US$130 million strategic partnership with GenesisCare to improve upon the Cancer and Cardiovascular care for the patients across the globe. These two diseases are the leading cause of deaths worldwide.
Partnership to provide effective Synergy
According to the pact, GE Healthcare will provide a host of latest medical imaging technologies like Ultrasound equipment, digital mammography, PET/CT, MRI etc. to the GenesisCare's 440+ cancer and cardiovascular disease treatment centers, present across the globe.
The respective niche of both companies would make up an effective synergy for both the entities. GE Healthcare’s world-class medical imaging technologies would be combined with GenesisCare’s expertise to deliver screening, diagnosis, treatments of Cancer and Cardiovascular conditions.
More work is in the pipeline.
The companies are further exploring the partnership to improve the clinical care of millions of patients across the world. Some of the research activities that are also being looked upon are in the field of education and care pathway development.
The use of Theranostics may also be considered further down the road. It is an innovative treatment for cancer patients that combines radiotherapy and molecular imaging to destroy advance cancer without affecting the healthy tissues.
What the management has to say
GE Healthcare President and CEO Kieran Murphy is also determined to work with GenesisCare to provide greater access to leading technologies to more patients worldwide. He is also expecting the partnership to positively impact millions of patients, combining GE Healthcare's medical diagnostic technologies and GenesisCare’s clinical excellence.
Mr Dan Collins, Founder and Global CEO, GenesisCare also acknowledged the importance of increased investment and access for doctors, especially during the current Covid19 crisis.
GenesisCare is a big name in Australia when it comes to delivering quality Cancer and Cardiovascular care. Having worldwide operations, it caters to almost 400k patients in more than 440 treatment centers every year, including 293 locations in the USA alone.
The company is intensely focused on developing and delivering the best possible treatments. The company is investing heavily in the newer technologies and solutions and is already a part of more than 150 clinical trials.
Recently the company has also made an acquisition of a major US cancer care provider, 21st Century Oncology which has increased its reach across the world, especially in the USA.
Stock Performance of General Electric
This new development has impressed the wall street, which led to a surge of 7.7% in the share price of General Electric. The stock closed at US$8.72 later Monday’s session on NYSE, after making a new 8-month high of US$9.41.