GE to Spend $200M a Year for Cancer R&D for Open Innovation Challenge

By • on September 17, 2011

An article on the GEN News website reports that GE Healthcare plans to spend $1 billion over the next five years to expand its advanced cancer diagnostic and molecular imaging capabilities as well as its technologies for the manufacture of biopharmaceuticals and for cancer research. The firm also announced a $100 million open innovation challenge along with four venture capitalist firms. The $1 billion is part of the $6 billion GE said it would spend under its healthymagination campaign, which started in May 2009. The contest will use both direct investments and grant access to the company’s sales force and R&D resources, also awarding $100,000 to universities for research.

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