GE Healthcare is set to dedicate $1 billion of its total R&D budget over the next five years to expand its advanced cancer diagnostic and molecular imaging capabilities, as well as in the company’s technologies for the manufacture of biopharmaceuticals and for cancer research.

Announced alongside a $100 million open innovation challenge in New York, the billion dollar investment crosses all lines of GE Healthcare’s global business, and will enable the company to bring the most promising cancer ideas to market, it announced.

“We are committed to tackling cancer. However, with a disease as complex and multifaceted as cancer, solutions need to be equally multifaceted and even more integrated, combining imaging, molecular diagnostics and healthcare IT,” said John Dineen, president and CEO of GE Healthcare.

GE Healthcare offers a wide portfolio for oncology and a strategy that combines cellular research, medical imaging, laboratory diagnostics, biopharmaceutical manufacturing technologies and information technology. These technologies help increase researchers’ understanding of the causes and progression of cancer and help physicians make more personalized cancer treatment and man­agement decisions, while improving clinical outcomes and accelerating the delivery of care.

For more information, visit: www.gehealthcare.com