- General Electric Co's GE GE Healthcare is investing $80 million to increase manufacturing capacity by 30% at its Active Pharmaceutical Ingredients (API) site in Lindesnes, Norway.
- The investment, creating around 100 new jobs, is part of GE Healthcare's commitment to addressing the demand for iodinated contrast media used in Xray and Computed Tomography (CT) procedures.
- Iohexol and iodixanol API are used in over 100 million patient doses of GE iodinated contrast media annually, equivalent to three patient procedures every second.
- The investment by GE Healthcare's Pharmaceutical Diagnostics business, coupled with the recent opening of a new production line at GE Healthcare's Cork, Ireland, fill and finish facility, aims to enable the production of 30 million more patient doses per year by 2025.
- "We expect global demand for iodinated contrast media to double in the next 10 years, driven by global prevalence of chronic disorders and significant growth in CT procedures," said Kevin O'Neill, President & CEO of GE Healthcare Pharmaceutical Diagnostics.
- Price Action: GE shares are trading lower by 1.04% at $84.02 on the last check Thursday.
- Photo Via Wikimedia Commons
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.