India: GE Healthcare, the healthcare technology division of GE, has launched the company’s first healthcare accelerator, five.eight, aimed at improving healthcare outcomes for developing economies. The accelerator will target global health startups who have atleast received a Series A funding.The startup needs to be aligned with GE’s focus areas of mother and child care, cardiology, oncology, radiology, surgery and primary care.
Portfolio companies from four social impact investors -Acumen, Aavishkaar-Intellecap Group, Unitus Seed Fund and Villgro -will be among the initial applicants for the first accelerator programme.Through the programme, GE Healthcare and each startup will focus on commercially scaling healthcare innovations for emerging economies, with the potential for GE Healthcare distribution of the startup product, or integration of the service into GE Healthcare’s affordable care portfolio. In addition, potential funding of up to $5 million per startup will be evaluated on a case-by-case basis.
“Globally, it’s estimated that more than 5.8 billion people in the world lack access to quality, affordable healthcare,” said John Flannery, president and CEO of GE Healthcare. “Through five.eight, our goal is to fuel the greater global health ecosystem, partnering with social impact investors and global health startups, in order to maximise impact and outcomes for populations.”
Five.eight aims to welcome at least 10 startups in its initial programme, with applicants sourced from the four social impact investors, but not limited to these portfolio companies.
“We would come in to partner with them (startups) to develop commercial strategy…just like we would do with our own products,” said Terri Bresenham, president and CEO of GE Healthcare’s Sustainable Healthcare Solutions, which develops the company’s affordable care portfolio. “We have a large distribution system and these startups can go out and test ideas.”
The first company signed on to join five.eight is Tricog, a Bengaluru-based startup focused on improving survival rates of heart attacks by decreasing the average time between symptoms and treatment.