LG seals collaboration deal with GE HealthCare, Microsoft Korea in digital healthcare

Industry

Published: 11 Apr. 2024, 17:02

LG seals collaboration deal with GE HealthCare, Microsoft Korea in digital healthcare

From left, GE HealthCare Korea CEO Kim Yong-duk, Vice President of LG Electronics' BS division Jang Ik-hwan and Microsoft Korea CEO Cho Won-woo pose for a photo after a recent signing ceremony held in western Seoul. [LG ELECTRONICS]

LG Electronics signed a memorandum of understanding (MOU) with GE HealthCare and Microsoft Korea to accelerate its market growth in digital healthcare.

The three companies will collaborate to enhance digital medical devices and services, integrating IT technologies into facility systems to improve operational efficiency, the Korean electronics manufacturer said on Thursday.

LG Electronics' President of Business Solutions, Jang Ik-hwan, GE HealthCare Korea CEO Kim Yong-duk and Microsoft Korea CEO Cho Won-woo participated in the recent signing ceremony held at LG Sciencepark in western Seoul.

The global market size of smart hospitals is projected to reach a value of $153.3 billion by 2030, growing 20 percent annually from 2022’s $41 billion, according to market researcher Coherent Market Insights.

LG Electronics CEO William Cho also emphasized the market expansion of its business-to-business medical equipment sector at the general shareholders' meeting in March.

The electronics powerhouse first entered the medical display business in 2016, with a current lineup of 13 medical monitors that include surgical, diagnostic and clinical variations. Other digital device solutions include digital X-ray detectors, LG CLOi robots and the adaptation of private 5G networks.

LG's AI research arm recently formed a partnership with the U.S. genomic research center Jackson Laboratory to co-develop an AI model that can analyze the cause of various cancers as well as Alzheimer's disease and design a course of action. The model is expected to estimate the effect of a treatment, which could lead to personalized regimens per patient.

The electronics maker’s utilization of private 5G networks passed the proof-of-concept stage — which is to demonstrate the feasibility of an idea or product — carried out at Korea University Anam Hospital in central Seoul in December. This would allow medical professionals to manage medical facilities remotely using digital twin technologies, as well as monitor hospital wards without being physically present.

LG’s CLOi robot product line is also deployed at Yongin Severance Hospital in Gyeonggi.

“Through the partnership forged between LG Electronics, GE HealthCare and Microsoft Korea, we aim to contribute to the advancement of the domestic medical environment and provide patients with a better healthcare experience,” LG’s Jang Ik-hwan said in a statement.

BY LEE JAE-LIM [lee.jaelim@joongang.co.kr]