Panasonic Corp. (NYSE:PC) is getting into the health care game with the establishment of Panasonic Healthcare Company of North America.
The Secaucus, N.J.-based electronics giant aims to become the No. 1 green innovation company in the electronics space by 2018 with energy-efficient health care products and systems.
The endeavor that hasn’t garnered much favor from Wall Street, where PC shares were trading about 4.7% lower, at $8.62, as of about 10 a.m. today.
Panasonic Healthcare Co. will develop digital hearing devices, cardiovascular diagnostics, pharmacy automation systems and other biomedical and life science support products consolidated from the former Panasonic Healthcare Group and former Sanyo Biomedical Solutions division, according to a press release.
The new business unit, led by Yoshi Yuasa, will have operations at Panasonic’s headquarters as well as in Wood Dale, Ill., and Houston, Texas.
Yuasa, now president of Panasonic Healthcare Co., was concurrently senior vice president of corporate planning & strategic initiatives, head of the former Panasonic Healthcare Group and vice president of corporate planning for Panasonic Canada.
"The purpose for this business is to reduce the total costs of health care in the U.S.," Yuasa told NJ.com. "That is our contribution to the market." The new division is expected to grow from 10 employees to more than 100, he added.
"We have formed Panasonic Healthcare Company of North America with the aim of anticipating society’s changing demands in the healthcare market," Panasonic Corp. of North America chairman & CEO Joe Taylor said in prepared remarks. "Panasonic will continue to service the needs of life science customers with innovative products and solutions. As a leader in the technology field, Panasonic has much to offer both the medical devices and life sciences research communities and we believe that we can make a significant contribution in helping to meet their evolving needs."