* Final Agreement on the GE Global u-Health R&D Center -photo provided by the Ministry of Knowledge Economy

Multinational American technology and services conglomerate GE is set to build an IT-based medical research center in Songdo, Incheon, Korea.

The Ministry of Knowledge Economy and Incheon city government is to sign an agreement with GE Healthcare IT President and CEO Vishal Wanchoo at Shilla Hotel Seoul on December 18. Under the agreement, GE Healthcare IT will invest a total of KRW 49.5 billion over the next five years to establish GE Global Ubiquitous Health Research and Development Center (u-Health R&D Center) within the bio research complex in Songdo Free Economic Zone, Incheon.

According to the Ministry, the GE Global u-Health R&D Center, a foreign-invested for-profit research institute expected to open in January 2010, will develop state-of-the-art medical solutions and medical information technologies customized to individual patients with 55 to 60 full-time researchers.

The research center is expected to collaborate with domestic hospitals to utilize IT in treatment and diagnosis to provide patients with advanced services anytime anywhere, and seek ways to enter overseas markets.

The Ministry of Knowledge Economy said, "The GE Global u-Health R&D Center will acquire advanced clinical information and cultivate medical experts, and create many jobs, thereby making significant contribution to transforming the Sondgo FEZ into a global business center."

Source: Yonhap News (December 17, 2009)