GE (NYSE:GE) and Intel Corporation (NASDAQ:INTC) announced this week that they formally launched its joint venture under its new name of Intel-GE Care Innovations LLC ("Care Innovations"). The joint venture originally began as a partnership in April 2009 and it will combine GE Healthcare’s Home Health division and Intel’s Digital Health Group. The company is targeting the telehealth and home health monitoring markets which are predicted to grow to an estimated $7.7 billion by 2012. Care Innovations markets remote patient monitoring, independent living concepts and assistive technologies, such as the Intel® Health Guide, Intel® Reader and GE QuietCare®.
“Our vision as we launch this exciting new company is for Care Innovations to positively affect millions of people by providing innovative products and services that will enable new models of care,” said Louis Burns, CEO of Care Innovations. “Our passionate leadership team and board of managers will help drive the business strategy necessary to improve quality of care and patient empowerment while helping reduce healthcare costs through new technologies.”