GE in pact with Veran, dedicates $1 billion for R&D

GE Healthcare, the $17 billion healthcare unit of General Electric Company, and Veran Medical Technologies, Inc, a privately-held medical device company, have entered into a strategic alliance to advance and co-develop navigation technologies for interventional procedures to improve the care and management of cancer patients. The financial terms were undisclosed.

Hooman Hakami, President and CEO, Interventional Systems, GE Healthcare, said, “Our mission is to develop solutions that enable patients to lead longer and fuller lives. Veran is a strong strategic fit with this mission, given our common focus on improving quality care by enabling minimally invasive procedures.”

Further, Jerome Edwards, Founder, President and CEO, Veran, said, “We are very excited to be working with GE Healthcare to expand the opportunities for minimally invasive procedures within the interventional suite.”

Besides, GE Healthcare has also announced its plans to dedicate $1billion of its total R&D budget over the next five years to expand its advanced cancer diagnostic and molecular imaging capabilities, as well as its world-class technologies for the manufacture of biopharmaceuticals and for cancer research.

John Dineen, president and CEO, GE Healthcare, said, “As one of the most relevant global cancer diagnostic companies, we are devoting an even greater share of our R&D budget to continue developing new oncology solutions.”