Read the Conversation
EF: What are your current priorities and what challenges and opportunities are you facing now?
LC: Our main challenge is to maintain momentum. We are a small part of GE HealthCare, yet we play a crucial role within its larger framework. Our goal is to effectively implement GE HealthCare's priorities and vision within our territory, which in this case is Spain. Our ambition is to become leaders in precision health, focusing on three key areas: diagnostics, therapy, and monitoring.
Specifically for Spain, we aim to remain a strong partner of our customers, leveraging our substantial presence through installed technologies and partnerships and continuing to build on this foundation. Although we have a 125-year legacy, we strive to operate with the agility and innovation of a startup. This dynamic approach is essential for infusing the market with a sense of excitement and progress.
Our priorities are similar to those seen across the industry. First, we must ensure rapid innovation while keeping pace with advancements in the healthcare sector. Secondly, we face competition not only from established companies like Siemens, Philips, and Dräger but also from emerging startups. We also see competition from unexpected sources, including tech giants like Google and Amazon. This requires us to stay vigilant about our competitors and monitor their advancements closely. Another significant challenge is global supply chain issues. We have faced difficulties with logistics, inflation, and rising costs, which have impacted us just as they have affected many other countries. Dealing with uncertainty is another major challenge. This includes navigating changing healthcare policies, varying reimbursement models, and currency fluctuations globally.
In Spain specifically, we face issues in the public healthcare market due to technological obsolescence and a lack of long-term technology planning from the government. Healthcare technology replacement is often tied to the country's current financial situation and deficit, leading to sporadic and reactive investments rather than strategic planning. Spain had one of the highest degrees of technological obsolescence for many years. This situation stemmed from the economic crisis around 2012 when Spain was on the brink of exiting the Euro. To control the deficit, the government significantly reduced spending, including on technology, like a household cutting back during tough times. This reduction in purchasing led to prolonged periods without necessary technological upgrades.
After years of accumulating technological obsolescence, there was a sudden surge in investment a couple of years ago, thanks to a new EU funded program. This highly successful program resulted in a market three times larger than usual. However, this reactive approach, characterized by peaks rather than steady, planned investments, presents significant challenges regarding resource planning and structural organization.
Despite these challenges, we find ourselves in a promising position regarding our portfolio. Our aim is to lead in personalized medicine, particularly in theragnostics. In this field, we cover the entire spectrum, from molecular imaging to producing our own tracers. We offer a comprehensive range of technologies, including analog and digital SPECT/CT, PET/CT, and PET/MRI systems.
Artificial Intelligence (AI) is another area in which we excel. Our AI capabilities are embedded in our technologies to enhance precision diagnostics and operational efficiencies. For instance, our GE Healthcare Command Centers exemplify how AI can optimize hospital operations. These command centers function as control rooms, allowing staff to monitor hospital operations in real-time, anticipate issues, and address bottlenecks effectively.
Healthcare remains an exciting market due to its immense potential for improvement. It stands out as a sector with a high concentration of qualified professionals, yet there is still much to be done to enhance its efficiency and effectiveness. There is a lot of work that needs to be done when it comes to improving, optimizing, and reducing variability. This is something that the command centers can help with a lot. This is an area where we are leading globally, as we are on others as well.
Additionally, we have been very active in Spain in terms of partnerships and collaborations. This approach offers significant opportunities to conduct business in new and innovative ways. By working closely with our customers, we gain a deeper understanding of their needs and can implement extraordinary solutions. Spain provides several excellent examples of how these collaborations have led to successful outcomes.
EF: How do you assess the receptiveness in Spain to new technology? How are you navigating the different regions' complexities to get this technology to market?
LC: Innovation in Spain often follows a cyclical pattern, heavily influenced by budget constraints. Unlike the pharmaceutical sector, where there is a notable delay in introducing new drugs, the adoption of new healthcare technologies in Spain is on par with other developed countries. The difference lies in the volume of these technologies, which fluctuates with the economic cycle.
Spain is notably strong in digital adoption, often outperforming other European countries. Despite sometimes being labeled a "value country," this perception is closely tied to reimbursement rates and annual budgets rather than the actual technological capabilities or adoption rates.
EF: What are the three areas you are focusing on in the future, and is there anything in your portfolio you are excited about?
LC: Going to market in Spain, a country that has 17 different autonomous regions, is challenging. We also have a strong private sector. Rather than seeing it as a problem, I view it as an opportunity. Spain acts as a "living lab" due to its diverse and varied landscape, allowing for numerous small-scale “experiments”. With different types of governments and groups, this environment fosters a willingness to innovate and try new approaches. Given the economic cycles that have made equipment replacement and technology adoption challenging, Spain has become an attractive location for developing innovative business models.
Regarding our portfolio, we focus on three key areas: diagnostics, monitoring, and therapy. In diagnostics, we are advancing precision diagnostics by developing AI technology. In therapy, we are investing in guided systems and minimally invasive techniques. For monitoring, our command centers are a prime example of how we are innovating in this space.
Our presence spans nearly every department in hospitals, reflecting the breadth of our portfolio. Recent acquisitions like Imactis, Caption Health or MIM Software enhance our capabilities in guided procedures, precision diagnostics, and precision therapy. We also seek partnerships with companies aligned with our strategic goals, strengthening our offerings across these critical areas.
EF: Our report is called Sustainable Health Care Systems. There needs to be a change from reactive healthcare to more preventative healthcare. How do you assess and see this on the awareness and public policy sides?
LC: The demographic pyramid in Spain is inverted, presenting a significant sustainability challenge. As the population ages, the incidence of chronic diseases will rise, placing increased pressure on healthcare resources. Early diagnosis becomes crucial, as it not only improves patient outcomes and survival rates but also reduces the overall cost of treatment. We are intensely focused on precision health to ensure rapid detection of diseases. Our focus extends across all three areas of our portfolio: diagnostics, monitoring, and therapy.
I have recently witnessed this firsthand, as my mother was recently diagnosed with colon cancer and is currently undergoing treatment. Her experience has emphasized the critical role of precision diagnostics in ensuring timely and accurate detection, which is essential for effective treatment.
EF: How do you attract and retain the very best talent in such a competitive market like Spain?
LC: It has been a rewarding period for us. In addition to receiving the top employer award, we were recognized last November as the top LGTBI+ diversity company. In October, we also received a certification as a top diversity company. While these awards are great to receive, the real importance lies in the work being done behind the scenes. I have been with GE HealthCare for many years, and for me, it is all about the culture. Our culture is crucial, and while it may not be a perfect fit for everyone, we believe it has many attractive qualities, especially now. These cultural elements aren't new; they have always been part of who we are. One of the key aspects I would highlight is our entrepreneurial spirit. We encourage people to take risks and learn from their mistakes. We foster open communication and are not overly hierarchical, allowing for a more dynamic and innovative work environment.
I like to describe our culture as informal and horizontal. We do not operate with a rigid hierarchy, so you will not find the traditional big pyramid structure here. This means we value qualities and attributes that might not be as highly valued in other companies. Let me share a personal example. I came from Power Controls, another GE business, with no experience in healthcare. I could not distinguish between different systems when I first joined. Despite this, GE valued certain attitudes and cultural traits I brought with me, which other companies might not have appreciated because of my lack of healthcare experience.
This approach has been crucial in selecting and appreciating our team members. We have had people from more hierarchical organizations struggle initially in leadership positions because our culture encourages informal, constructive challenges and open communication. We try to create an environment where everyone feels free to express themselves, which, while it may sound clichéd, is something we genuinely aim for. Of course, we sometimes make mistakes. For example, in Spain, we implemented a smart working policy; we allowed office-based employees to work from home up to three days a week, which is more generous than many companies known for their flexible work environments. While I miss having more people in the office, this policy has been effective in retaining employees of all ages.
Overall, we pride ourselves on being performance-based and fostering a positive work environment. Our attrition rate is quite low, reflecting our success in maintaining a good working culture. Additionally, we offer robust training programs. For example, we have a partnership with the Power MBA in Spain. I started with GE HealthCare through the TLP (Technical Leadership Program), which allowed me to rotate through different roles and projects over two years. This exposure was invaluable and ultimately led me to my current position in healthcare. In summary, while our culture may not suit everyone, it works well for us and has been instrumental in our success.
EF: When you reflect on these 25 years, what moments stand out for you?
LC: There are many moments and achievements to be proud of in our journey. One that inevitably stands out is the COVID-19 period. While it might sound cliché, being in the med tech industry meant we were deeply involved across various technologies, starting with respirators and ventilators. However, our role extended beyond mere provision—we supported clinicians on the frontlines, ensured systems operated smoothly, and maximized technology availability. We also found creative solutions in collaboration with administrations. This period truly showcased our dedication and capability.
Another significant highlight is our projects and partnerships with customers. Long-term collaborations have been pivotal, facilitating technology commercialization over the years. Last year, we celebrated a milestone in local development: a pioneering project with Hospital Universitario La Fe and i3M, part of the Universidad Politécnica de Valencia. This partnership marks our first endeavor to develop technology within Spain's academic ecosystem, and it is a source of pride for our local team.
Beyond these tangible achievements is the intangible yet crucial element of team spirit. I hold dear our team environment, which we have nurtured through good times and challenges. Even during tough periods, our unity has only strengthened. This cultural cohesion underscores what I mentioned earlier about our unique workplace culture and fills me with pride.
EF: Do you have any final message to our readers?
LC: Firstly, despite our 125 years of history, we maintain the enthusiasm and innovative spirit of a startup. This mindset drives us forward each day. Secondly, I want to extend thanks to all the institutions in Spain that have placed their trust in us. We view this trust as a profound responsibility and commit to standing by them closely and continuing to support them in overcoming their challenges. Thank you for your time and the interview.
