7. GE Healthcare
R&D Spending: $1,000,000,000
Percentage of revenue: 5%
2020 overall ranking: 4
In 2019, GE Healthcare received FDA clearance for its AI algorithms embedded in a mobile X-ray device. The AI algorithms, which the company calls Critical Care Suite, are designed to reduce the turnaround time for radiologists to review chest X-rays for suspected pneumothorax, a condition that can lead to a collapsed lung.
GE Healthcare also launched the Edison Developer Program in November 2019 to accelerate the adoption and impact of artificial intelligence applications and developer services across health systems. The program adds to the existing Edison ecosystem of researchers, providers and institutions, according to the company.
In December, GE Healthcare announced a strategic R&D partnership with Advanced Solutions Life Sciences to develop personalized tissue regeneration. The integration of GE’s IN Cell Analyzer with Advanced Solutions Life Sciences’ BioAssemblyBot systems will enable embedding cellular-level assessments into the 3D-bioprinting workflow used to create human tissue models, according to the companies.
GE Healthcare CEO Kieran Murphy said in a business update on Dec. 3, 2020, that R&D spending will be up in the coming year.
“We [are] really quite well set up here to kind of spring into ’21 with a better cost position, some great [new product introductions] and an increased R&D spend that’s going to get us into a really positive cycle of innovation and being able to launch products that are highly relevant for our customers,” Murphy said.