Johnson & Johnson plans to introduce more than 20 new medical devices for hospital use by 2018, resulting in sales potential of more than $6 billion.
The initiative is part of an extensive innovation and technology growth strategy recently announced by the company.
“The way we are approaching innovation goes beyond products and services,” said Alex Gorsky, Chairman and CEO of Johnson & Johnson in a press release. “We are innovating how we go to market, how we reach new consumers, and how we use technology to drive better outcomes and deliver long-term value to patients, consumers and customers around the world.”
On the consumer side, their medical device business "is creating new categories with breakthrough innovations, including a current pipeline of products, with sales potential greater than $2 billion."
They expect to grow market share in consumer medical devices, and exceed the industry pace of innovation by delivering two new products per year through 2020, according to the release.