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GE Healthcare’s “Industrial Internet” Vision may Translate into $15bn of Savings over 15 Years

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Around 400 delegates attended the event from across Europe, from GE employees, to customers in aviation, oil & gas, energy, healthcare and transportation to policy makers, opinion leaders and media

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The session was brought to a close with short presentations to some solutions offered by GE Healthcare, including Universal Viewer, Surgery Suite, Dose Watch and Euromedic.

The Industrial Internet holds the potential to transform the modern economy and could add $10-15 trillion – the size of today’s US economy – to global GDP or €2.8 trillion to Europe’s GDP by 2030. As GE Healthcare shifts from a break-fix model to a predict-and-prevent services model, improvements in systems inefficiencies could translate into $15 billion of savings over the next 15 years.

The shift in industry service requirement is detailed in the report: ‘Industrial Internet: Pushing the Boundaries of Minds and Machines,’ that was presented by GE CEO Jeff Immelt in London at a recent event at Battersea Power Station.

The event brought together thought leaders from across business, technology and academia to discuss the convergence of the global industrial system with the power of advanced computing, analytics, low-cost sensing and new levels of connectivity permitted by the Internet.

Immelt highlighted the benefits that the “power of 1%” could have for various industry sectors. A 1% saving achieved through GE’s revolutionary new machine-to-machine technologies could yield substantial results.

“The economic impact is big and there already,” Immelt pointed out. “For example, globally, $1.9 trillion is spent on energy every year. Just 1% saving per year will equal $20 billion each year, $300 billion over 15 years.”

Key findings of GE’s report highlight that the power of 1% could have significant positive implications for future European healthcare spending. Over €1.7 trillion was spent on healthcare in the EU in 2012. Globally, it is estimated that 10% of this expenditure is wasted due to system inefficiency, of which 59% is in clinical and operational inefficiency.

This is where the Industrial Internet could yield the greatest benefits: a 1% reduction of clinical and operational inefficiencies would translate into €15 billion of savings over the next 15 years.

Immelt said that advances in the Industrial Internet were core to GE’s vision. He outlined a series of steps focusing on GE’s global R&D capabilities, as well as software and analytics resources, aimed at introducing more Industrial Internet technologies and solutions to the UK and Europe.

Plans include the appointment of a European Software Leader, whose role would be to mobilize teams in the region and to drive software innovation and rapid development techniques.

A breakout healthcare panel session, chaired by Fiona Godlee, editor in chief of the BMJ, focused on the use of data by healthcare professionals, identifying both the promises that big data holds and the challenges it may face.

The speakers on the panel were Dr Peter Curry, the clinical lead for eHealth in NHS Fife in Scotland, who told participants about Scotland’s centralised radiology data registry; Dr. Peter Gocke, the chief information officer for Amedes Group, who raised questions about the ownership and regulation of data; Dimitris Moulavasilis, CEO of Euromedic International, who highlighted that data can bring higher productivity, better patient service and better diagnosis; and Dr Lars Lindskold, CIO of VGR Radiology Infrastructure in Sweden, who discussed best practice for large-scale data sharing infrastructure.

During the session, the panel audience, consisting of clinicians, pharma, government, technology and innovation specialists and patients, heard discussions regarding how best to overcome the reluctance of GPs to share their data and how to standardize the data being stored.

The session was brought to a close with Matthew Stork, General Manager of GE Healthcare IT, and Antoine Jomier, Dose General Manager, giving short introductions to some solutions offered by GE Healthcare, including Universal Viewer, Surgery Suite, Dose Watch and Euromedic.