GE's strong technological capabilities and understanding of customers' region-specific needs have helped it carve a niche for itself in a fragmented segment
SANTA CLARA, California, March 22, 2017 /PRNewswire/ -- Based on its recent analysis of the diagnostic cardiology solutions segment, Frost & Sullivan recognizes GE Healthcare with the 2016 Global Frost & Sullivan Company of the Year Award. GE Healthcare's strategy of innovating and expanding its portfolio to offer end-to-end cardiac solutions has allowed it to effectively compete in a mature, fragmented, and highly competitive cardiac monitoring products space. In addition to aiding patient and clinician workflows, ECG data integration, and cardiac information distribution and analysis, GE Healthcare has improved the clinical algorithms that help clinicians diagnose conditions like sudden cardiac death and acute coronary syndrome. These advancements have supported the early detection of cardiac anomalies and lowered mortality rates.
Acknowledging that customers in developed, developing, and emerging markets have various levels of technology shyness, GE Healthcare provides not just devices or ECG boxes but wholesome and affordable solutions. For example, ECG products intended for emerging markets must be value-based ($1,000-$5,000), so GE manufactures them closer to the end-user customers, such as in India and China. GE Healthcare is also bridging the resource gaps in these countries by connecting primary care clinics with cardiologists using cloud connected solutions and offering clinical education programs, both in-classroom and online.
"Significantly, GE Healthcare's 2016 iteration of its MUSE (MUSE V9) data management system facilitates bi-directional flow of data with non-GE ECG systems. This process reduces the overall cost to end users, as it plugs the communication gaps among vendors, modalities, clinics, and hospitals and decreases the need for recurring investments," said Frost & Sullivan Industry Analyst Poornima Srinivasan. "Its numerous benefits, such as workflow flexibility, faster decision making, integration with hospital information systems, and electronic medical record (EMR), keep GE Healthcare's advanced platform a step ahead of the competition."
Apart from organic growth, GE Healthcare has pursued relationships with distributors in countries such as India, China, and Latin America, and reached across to Tier II, III, and IV customers. As the company operates within a diverse customer base, it customizes its business models and products to deliver the best-fit diagnostic cardiology solutions to clients.
GE Healthcare has adopted several strategic methods such as addressing the challenges of connectivity and effective workflow to grow in the emerging economies of Asia-Pacific and Latin America. Furthermore, its knowledge of the needs of research universities and hospitals in the United States enable it to introduce many products including resting ECG, stress ECG, the Holter monitor, and data management systems. Last, its global footprint ensures the advantage of connecting across developed, developing, and emerging regions, optimizing solutions and designing futuristic products.
GE Healthcare's offers a wide range of capabilities in this space:
- strategies for the benefit of customers through basic acquisition algorithms
- algorithms for cardiologists to interpret ECGs
- comparisons of ECG with prior ECG waveform
- functions that predict sudden cardiac death and acute coronary syndrome
- algorithms based on gender
"GE Healthcare creates a rich ownership experience for its customers by engaging with end users right from the product development stage," noted Srinivasan. "Its technological abilities and continuous upgrades of services facilitate integration with the cardiology solutions of multiple vendors, creating a flexible interface and reducing the capital investment requirements."
For its focus on driving business performance by innovating for the future, Frost & Sullivan is pleased to recognize GE Healthcare with the prestigious 2016 Global Frost & Sullivan Company of the Year Award.
Each year, Frost & Sullivan presents this award to the company that demonstrates excellence in terms of growth strategy and implementation. The award recognizes a high degree of innovation with products and technologies and the resulting leadership in terms of customer value and market penetration.
Frost & Sullivan Best Practices awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis, and extensive secondary research to identify best practices in the industry.
About GE Healthcare
GE Healthcare provides transformational medical technologies and services to meet the demand for increased access, enhanced quality and more affordable healthcare around the world. GE (NYSE: GE) works on things that matter - great people and technologies taking on tough challenges. From medical imaging, software & IT, patient monitoring and diagnostics to drug discovery, biopharmaceutical manufacturing technologies and performance improvement solutions, GE Healthcare helps medical professionals deliver great healthcare to their patients. For more information about GE Healthcare, visit our website at www.gehealthcare.com.
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SOURCE Frost & Sullivan