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SILS 2015 - Innovation at GE Healthcare

By: Fiona Fitzgerald, GE Healthcare Canada
At Sherbrooke International Life Sciences Summit - 2nd edition | September 28/29/30 2015

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SILS 2015 - Innovation at GE Healthcare

  1. 1. Imagination at work. Fiona Fitzgerald 29 Sept, 2015 Innovation in GE Healthcare
  2. 2. GE confidential Imagining things others don’t | Building the things others can’t | Delivering outcomes that make the world work better We Are GE version 4/2015
  3. 3. GE confidential Providing our aviation customers with the most technologically advanced & productive engines, systems & services for their success Leading globally in power generation & water technologies Our Businesses deliver value Revenue: $27.6B Profit: $5.4B Pushing the boundaries of technology in oil & gas to bring energy to the world Enabling utilities and industry to efficiently manage electricity from the point of generation to the point of consumption Revenue: $18.7B Profit: $2.6B Revenue: $7.3B Profit: $0.2B Revenue: $24.0B Profit: $5.0B Developing transformational medical technologies & services that are shaping a new age of patient care Being a global technology leader & supplier to the railroad, mining, marine, stationary power & drilling industries Answering real-life needs, defining trends & simplifying routines. Leading a global lighting revolution to deliver innovative solutions Investing financial, human & intellectual capital to help our customers build their businesses Revenue: $18.3B Profit: $3.0B Revenue: $5.7B Profit: $1.1B Revenue: $8.4B Profit: $0.4B Source: 2014 GE Annual Report
  4. 4. GE confidential
  5. 5. GE confidential $17 Bn global business unit of GE 53,000 employees worldwide $1 Bn annual investment in R&D Core strengths in biomedical sciences, technology & business GE Healthcare Serving healthcare systems  hospitals  clinics  governments  pharmaceutical & biopharmaceutical industries  genetics & bio-science researchers  academia
  6. 6. GE confidential GE’s broad solutions in healthcare Diagnostic & clinical equipment Advancing every phase of patient care, from diagnostic imaging to routine testing to life-critical care Information technology & services Clinical & financial IT solutions that enable better decisions and outcomes for businesses and patients Life sciences & molecular medicine Enabling next- generation bio- therapeutics & diagnostics in precision medicine Leading contrast agents, PET & nuclear medicine for diagnostic imaging 6
  7. 7. GE confidential 7 GE Title or job number 10/13/2015 GE Healthcare Life Sciences Title or Job See 7 Accelerating precision medicine with tools for biotechnology R&D, biopharma manufacturing, cell therapy & regenerative medicine, diagnostic imaging, molecular & precision diagnostics Research & Applied Markets Tools for drug R&D Protein purification interaction & analytics Cell technologies Human ID & environmental analysis BioProcess Tools for biopharma manufacturing & cell culture Chromatography & filtration systems Process Development Single-use systems and turn-key Enterprise Solutions InVitro Diagnostics Advanced oncology diagnostics services Next-Generation sequencing Pharma biomarker collaborations Services Lab-wide strategic solutions System life-cycle services Scientific asset management Validation Core Imaging Leading-edge contrast agents for diagnostic imaging Nuclear medicine & PET tracers for diagnostic imaging & research Five product business units  10 000 people  100+ countries  UK HQ Manufacturing, research & development in US, Europe and Asia
  8. 8. GE confidential 8 GE Title or job number 10/13/2015 Where is GE Healthcare Life Sciences? UK Amersham Place The Grove Centre Gloucester Cardiff Maidstone Yeovil Eire Cork - US Princeton, NJ Aliso Viejo, CA Austin, TX Arlington Heights, IL South Plainfield, NJ Piscataway NJ Westborough MA Northampton MA Marlborough, MA Issaquah, WA Canada Ontario - LS Sweden Umea Uppsala Staffanstorp Norway Oslo Lindesnes The Netherlands Eindhoven Germany Braunschweig Colbe Dassel Austria Pasching China Shanghai Tonglu India Bangalore, Delhi Brazil São Paulo Japan Tokyo Australia Rydalmere
  9. 9. 9 GE Title or job number 10/13/2015 Trends in Industry Internet of things1 Innovative machines2 Big Data 3 Analytics 4Machines, data, and people Clinically advanced, productive, patient friendly Predictive medicine Precision medicine 9
  10. 10. 10 GE Title or job number 10/13/2015 Industrial Internet in Healthcare: Asset Optimization Operational Optimization Clinical Workflow Integrated Care Max Equipment Performance No Wait States Connect Care Pathways Focus on Outcomes and Cost • Predict part failures • Improved Asset utilization • Safe and Optimized protocols • Devices talk to each other • Anticipate bottklenecks • Unify distinct systems • Eliminate waste/ inefficiency • Safe and efficient operations • Enterprise imaging • Diagnostic workflows • Specialist workflows and analytics • Decision support cockpits • Population Health • Financial Risk Mgt • Care delivery Mgt • Care coordination • Wellness mgt
  11. 11. 11 GE Title or job number 10/13/2015 Connecting productivity with care: Innovation Productivity Care Outcome ----------- Cost = Value
  12. 12. Principles for Innovation at GE: 1. Invest in a deep understanding of our customers. Our goal is to know them better than they know themselves. 2. Build an innovation system focused on people and expertise- not processes. 3. Measure how much and how fast you are learning per unit of effort Title or Job Number | XX Month 201X See tutorial regarding confidentiality disclosures. 12
  13. 13. Build an innovation system: Build, Measure, Learn In GE Innovation is based on the Principles of validating Learning and Experimentation. Title or Job Number | XX Month 201X See tutorial regarding confidentiality disclosures. 13 1) Problem Statement Define customer problem…longterm vision to solve 2)Leap of faith Assumptions Identify Assumptions that need to be true to achieve the vision 3) Build a Series of tests to validate assumptions 4) Learning metrics Identify and track leading indicators and validate learnings 5) Pivot or Persevere Adjust strategy based on validated learnings Its moving leaders from playing Caesar with their thumbs up and down on every idea to-instead- putting in the culture and the systems so that the teams can move and innovate at the speed of the experimentation system- Scott Cook (Founder of Intuit)
  14. 14. Measure how much and how fast you are learning per unit of effort: Title or Job Number | XX Month 201X See tutorial regarding confidentiality disclosures. 14 The concept of innovation Accounting: The Three Learning Milestones 1. Establish the baseline (MVP)/ Customer behave now. 2. Tune the engine • Experiment 3. Pivot or persevere 4. - when experiments reach diminishing returns it’s time to pivot
  15. 15. • More face time • Care that revolves around them • More active role in care decisions • Home care • Configurable tools to match their workflow • Integration with existing systems • View of patient across care pathway … in and outside the hospital Value assumptions Engage patients and providers together in the care continuum Patients seek… Providers need… JB21000XX | May 2014
  16. 16. Innovation models: 16 • Investment • CECR Incubators • Innovation villages
  17. 17. Innovation Model: Investment GE Ventures - Healthcare snapshot • GE Network: Access to the GE technology, product development and commercialization experts • GE Collaborations: Formal program to accelerate proof of concept, product development, and commercialization • GE Brand: Association with the GE Brand will bring credibility and a heighted level of exposure for PR GEV value proposition to startups Investment themes and theses Affordable Medical Procedures Healthcare IT / services IT-based solutions that align stakeholders to: • Improve decision making • Increase efficiency, decrease costs • Enable remote and personalized care Fund size ~25% of total fund Investments ~6 investments p.a. Geographies US, Israel, India Ownership Minority stake Observer seat Stage ~30% early ~70% mid/late Team Head: Rafael Torres Leslie Bortorff Noah Lewis Jason Sibley Alex de Winter Remy Durand Ruchita Sinha Avg. check ~$10M total <$5M initial Precision medicine Life sciences: Invest in efficient methods of clinical translation for large, rapid growth markets Mol Dx: Improve utility, care and health economics of Dx Reduce patient procedure time via devices, processes and tools that are: • Less invasive • More efficient • Prevent infections • Enable remote monitoring
  18. 18. GE Ventures: Top 4 Investment areas 1. Digital Health – sensors, s/w analytics, s/w to enable chronic care, SMAC – social, mobile, analytical, cloud 2. Medical Devices – minimally invasive procedures 3. Patient Monitoring – follow the patient from hospital to home 4. Precision Medicine – In vitro Dx 18
  19. 19. Centres for Excellence in Research and Commercialization Access to early stage technology and research experience • Centre for Probe Development and Commercialization • Centre for Imaging Technology Commercialization • Centre for Commercialization of Regenerative Medicine • TECHNA • TRIUMF / AAPS • MaRS Innovation Gov’t funded Incubators focused on Commercialisation in Canada established in 2008 19
  20. 20. Centre For Probe Development and Commercialization (CPDC) What: Centre dedicated to validation, translation and commercialization of innovative imaging probes • GEHC investment: $1m in kind 2007, $1.5m in kind 2012. Research partner (in-kind, cash). • GEHC involvement : BOD, scientific advisory board. • Alignment: Medical Devices, Precision Medicine. • Opportunity: world market $14B, de-risked technology 20 Chemistry Preclinical assessment Scale-up GMP Regulatory affairs Clinical trials In vitro screening New product Research Development Commercialization Figure 1 Chemistry Preclinical assessment Scale-up GMP Regulatory affairs Clinical trials In vitro screening New product Research Development Commercialization Figure 1
  21. 21. Centre for Imaging Technology Commercialization (CIMTEC) • What: Commercialization centre for medical imaging and digital pathology technology • GEHC investment: $1m in kind 2011, • GEHC involvement – Commercialization council, BOD, research partner • Alignment: Medical Devices • Opportunity: Access to a number of SMEs at various stages of commercialization. Partnered with Isis Innovation at the University of Oxford. 21
  22. 22. Centre for Commercialization of Regenerative Medicine (CCRM) • What: Development of technologies that accelerate the commercialization of stem cell- and biomaterials- based products and therapies. • GEHC investment: in-kind contribution, • GEHC involvement - BOD, TBA • Opportunity: CCRM Spin-Out Companies 22
  23. 23. TRIUMF / AAPS 23 • What: Centre of Excellence for Commercialization and Research, bridging the gap between innovation and commercialization in the physical sciences. commercializes technologies emerging from worldwide subatomic research • GEHC investment: 99Tc cyclotron project , GRC partnership – oxidative stress, • GEHC involvement: – Research Partnership • Alignment: Medical Devices, Precision Medicine • Opportunity: IKOMED Technologies (2010), x-ray radiation reduction technology for fluoroscopic medical imaging technologies
  24. 24. GE confidential 24 GE Title or job number 10/13/2015 Example: Outside the hospital Wearable patient monitoring • Faster “step down” approach … critical to sub-acute • Hospital to home monitoring of chronic patient • Reducing re-admission rates • Sensors : miniaturization & low power wireless • Distributed computing, analytics, mobility Care pathway optimizationDisruptive Smart & ubiquitous • From bedside devices to body- worn monitoring • Seamless data • Continuous patient monitoring as care standard of care Efficient care • Decreased adverse patient outcome … i.e. respiratory distress) • Decreased ICU transfers, length of stay • Lower overall cost
  25. 25. Thinking Differently