The University of Missouri and MU Health Care have signed a 10-year partnership with German health care technology company Siemens. The deal will drive the use of Siemens’ technology adoption within the University of Missouri and its health system—with a goal of improving health care while lowering costs. The deal is purported to be worth $133 million.
Transforming Health Care Delivery
The two come together to transform health care delivery—in Missouri and beyond in what is inked the “Alliance for Precision Health.” This, of course, is a way for Siemens to showcase state-of-art technology such as its advances in medical imaging equipment. The goal of both parties represents the move toward precision health to benefitting all members of the health system.
Leveraging NextGen Precision Health Institute
The University of Missouri recently announced its NextGen Precision Health Institute in Columbia. This advanced new center will house much of the Siemens and University of Missouri research activity. However, Siemens will also offer training and technology implementation at the university’s other main campuses in St. Louis, Kansas City, and Rolla.
Impact of Partnership: Holistic Benefit
State-of-art precision health technology will now become central to the University of Missouri—a major academic medical center: a health system, medical school and major research center including many clinical trials across a wide range of therapeutic areas.
The University of Missouri will now update and upgrade curricula, offer new advanced precision health capabilities and capitalize on new research and development (R&D) pursuits. Everyone will benefit from patients of the health system to new medical students to translational and clinical researchers.
Goal: Driving Costs Down & Improving Outcomes & Economic Vitality
David Pacitti, president and head of Americas, Siemens Healthineers, “Both groups are on a mission to innovate fast” and moreover “In the health care system, in the United States, over time, everyone’s going to be measured on making sure the patient gets the right test at the right time and the right diagnosis and reducing errors. And that takes cost out of the system. Cost is such a huge burden on the health care system in the United States, so both parties here—Siemens Healthineers and the University of Missouri—are committed to not only taking cost out but doing it in a way that improves outcomes.”
Siemens’ Pacitti noted in an interview reported on by the St. Louis Dispatch that there is definitely a biomedical engineer shortage. When it comes to the technology that supports precision health (including bioengineering elements) Siemens seeks to leverage the university relationship to help develop more talent which will surely help all—not to mention the Missouri economy.
As part of the 10-year partnership, the Munich-based company and Midwestern health research operation will jointly pursue certain research and development targets. The two will share revenues based on a formula that was not published in any of the news feeds. The general message is that there would be a 50/50 split between the University of Missouri and Siemens.