Johnson & Johnson is honing in on finding new solutions to advance health care treatments, CEO Joaquin Duato told CNBC’s Jim Cramer on Tuesday.
The “Mad Money” host sat down with the chief executive on Tuesday at the opening of the company’s new research and development center in San Francisco.
Duato, who became CEO in January, said this is an exciting moment for the company because it’s on the path of facilitating the future of medicine.
When Cramer asked what makes him confident that Johnson & Johnson can deliver on this claim, Duato cited two initiatives: 1/ the way it develops and discovers new medicines and, 2/ how the company is incorporating technology into its medical devices.
“When it comes to developing new medicines, our ability to process hundreds of millions of data points makes us much smarter and faster when it comes to identifying the right targets for our medicines,” Duato explained.
Duato said the company is working to be more competitive in medtech and pharmaceuticals, segments that fall under the same business umbrella, by taking the “smart” approach in building medical devices through sensors, visualizations and the ability to upload data to advance medical outcomes.
Johnson & Johnson is the largest pharmaceutical company in the world. Its pharma business sales jumped 12.4% to $13.3 billion in the second quarter, while medtech and consumer health sales grew 3.4% to $6.8 billion and 2.9% to $3.8 billion, respectively.
Disclaimer: Cramer’s Charitable Trust owns shares of Johnson & Johnson.