3M & Verily Collaborate For New Technology, Shares Flat
Zacks Investment Research | Oct 12, 2016 09:17PM ET
3M Health Information Systems, a joint venture between 3M Company (NYSE:MMM) and Verily Life Sciences, recently entered into a strategic agreement to jointly develop a new population health measurement technology to enhance clinical and financial performance. Following the announcement, the company’s shares remained relatively flat to close at $169.72 on Oct 12.
Verily (formerly Google Life Sciences) is a bio research and engineering organization keen on augmenting healthcare outcomes and is an integral part of Alphabet Inc. (NASDAQ:GOOGL) . The company uses latest scientific and technological advances to solve problems in the health industry.
Per this collaboration, 3M will continue innovating latest health information systems, based on real-world problems faced by the healthcare industry today. This system will also help in protecting privacy and security of health data. It will be designed around 3M’s highly advanced health industry’s methodologies, which are used by federal agencies, hospital associations, and state Medicaid agencies to enhance quality reporting and payment models.
3M and Verily will jointly work to improve population-level health data-sets. These sets will be transformed into vital information so that the participating hospitals, health systems, payers, regulators and strategic partners will be well equipped to evaluate performance, reduce waste and identify areas that impact efficiency, quality and cost. Such collaborations will help improve the company’s offerings in the healthcare space, in-turn positively impacting its top line.
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