January 04, 2011
By: by The Business Review
General Electric Co. and Intel Corp. on Monday launched their health-care joint venture, Intel-GE Care Innovations LLC.
Fairfield, Conn.-based GE (NYSE: GE) and Santa Clara, Calif.-based Intel (Nasdaq: INTC) said Care Innovations will develop technologies that support healthy, independent living at home and in senior housing communities.
The formation of Care Innovations, a health-care alliance between Intel and GE, was announced in April 2009. The companies said Care Innovations, which combines assets and the expert teams and operations of both GE Healthcare's Home Health division and Intel's Digital Health Group, has received final regulatory clearances.
GE Healthcare has a plant in North Greenbush and its research headquarters is in Niskayuna. Intel conducts research at the University at Albany's College of Nanoscale Science and Engineering.
"The jointly owned company's focus is to help address some of the largest issues facing society today, including the aging population, the growing number of people with chronic conditions, and increasing health care costs. The market segments for telehealth and home health monitoring are predicted to grow to an estimated $7.7 billion by 2012," the companies said.
"Our vision as we launch this exciting new company is for Care Innovations to positively affect millions of people by providing innovative products and services that will enable new models of care," said Louis Burns, CEO of Care Innovations. "Our passionate leadership team and board of managers will help drive the business strategy necessary to improve quality of care and patient empowerment while helping reduce health care costs through new technologies."
Click here to read the press release.