GE Healthcare, the health business of General Electric Thursday said it is planning to dedicate $1 billion of its total R&D budget over the next five years to expand its advanced cancer diagnostic and molecular imaging capabilities, as well as its world-class technologies for the manufacture of biopharmaceuticals and for cancer research.

The company noted that a key global healthcare challenge is the dramatic increase in cancer incidence around the world. According to World Health Organization data, cancer rates could increase by 50%, leading to 15 million new cases in 2020.

The investment will focus on developing new oncology solutions and build on advanced technologies and research already in progress, including new biomarkers.

GE noted that Clarient is investigating a new biomarker, TLE3, which is being developed for breast cancer, lung cancer and ovarian cancer by GE Clarient. This will potentially save healthcare systems millions of dollars each year, not to mention the benefits to patient care. These tests are expected to be ready for market launch in 2013.

GE's biotechnology products and services are used in the manufacture of the majority of FDA-approved biopharmaceuticals and are important for developing new and targeted cancer therapies.