GE Healthcare CEO John Flannery announced this week that the company plans to invest $500 million in their healthcare technology unit over the next three years in digitalizing its operations. The move by GE Healthcare is part of a global push to evolve into a digital industrial-focused company to successfully compete against its rival Siemens and others.
Here are five things to know about the announcement:
1. GE Healthcare also plans on hiring 5,000 additional software engineers to support its initiative to digitalize its operations.
2. Flannery also confirmed that GE Healthcare has no plans to enter the stock market like its rival Siemens.
3. GE Healthcare plans to expand its market share in Germany and around the world with more product offerings.
4. Flannery also noted that the company could consider acquiring a data analysis firm to strengthen its internal platforms more quickly.
5. GE Healthcare unit currently employs 54,000 people and generated $18.4 billion in revenue last year.