Chip giant Intel Corp. (INTC) and diversified conglomerate General Electric Co. (GE) plan to announce a partnership between the two companies in the field of health care on Thursday, according to media reports Wednesday.
The two companies have reportedly scheduled a joint press conference in New York on Thursday, which will be hosted by Intel CEO Paul Otellini and GE CEO Jeffrey Immelt.
The CEOs of the two companies are expected to announce plans to work together to deliver health-care related technology, including possible applications for health-care IT and home health monitoring. Both the companies are expected to make sizable investments targeting in-home health care.
GE is active in the health care field as a major supplier of diagnostic systems. The company's health care unit makes medical imaging devices as well as systems for managing patient records electronically. In January 2009, GE's healthcare arm, which Immelt headed before taking on the job of CEO, reported a 2.4% increase in fiscal year 2008 revenue to $17.4 billion, while profit for the segment declined 6.9% to $2.85 billion.
Meanwhile, Intel has been working for several years to build a new business in health care. The company has placed particular emphasis on technology to help monitor sick or aging people at home, providing information over the Internet to doctors while helping patients avoid the cost of hospital stays.
Intel currently offers an "Intel Health Guide" device that allows clinicians to monitor patients in their homes and manage care remotely. The solution offers interactive tools for personalized care management and integrates vital sign collection, patient reminders, multimedia educational content and feedback and communication tools such as video conferencing and e-mail. In July 2008, the company announced that it received marketing clearance from the U.S. Food and Drug Administration, or FDA, for the Intel Health Guide.
Intel has also been devoting more of its research and development efforts to health care, as evidenced by its participation in pilot programs that the chipmaker announced last year. Intel is already partnering with the Mayo Clinic and the American Heart Association. However, in order to expand its efforts in the field of healthcare, Intel needs the help of well-entrenched players in the field, like GE.
INTC closed Wednesday's regular trading session at $15.03 on a volume of 75.06 million shares, while GE closed at $10.17, up $0.06 or 0.59% on a volume of 113.96 million shares.
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