John Flannery built a reputation as a prolific rainmaker in his previous role as head of business development at General Electric Co., logging more than $26 billion in deals, yet acquisitions are far from his mind as chief executive of the U.S. conglomerate’s healthcare unit.

Instead, Flannery is looking within for growth, even after revenue from diagnostic-imaging machines slowed. The company offers a wide range of products and services, including ventilators, software and tools to support drug manufacturing.

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