Koninklijke Philips N.V. - Enterprise Tech Ecosystem Series

Koninklijke Philips NV (Philips) is a diversified technology company that develops and manufactures medical systems and consumer electronics products. The company offers products and solutions in the areas of diagnostic imaging, enterprise diagnostic informatics, image-guided therapy, ultrasound, monitoring and analytics, sleep and respiratory care, population health management, connected care informatics and therapeutic care. It offers mother and childcare, personal care and oral healthcare products, including power toothbrushes, brush heads, baby bottles, sterilizers, shavers, groomers, trimmers, skin care, hair carem and hair removal products. It also provides kitchen and home appliances, such as juicers, blenders, Airfryer, food processors, vacuum cleaners, air purifiers, irons, steam generators, and coffee appliances and accessories. The company has business presence across North America, Europe, and Asia-Pacific.

In 2019, Philips collaborated with Mayo Clinic to open a Research Development center in Discovery Square complex, Rochester, Minnesota (US) with an aim of connecting with academic institutions, customers, partners, and other leaders and focus on medical imaging technology solutions to accelerate innovation in healthcare and improving the patient experience.

In 2019, Philips partnered with Tohoku University Hospital to introduce its first co creation center in Sendai, Japan to drive research, development, and commercialization of digital solutions and address challenges related to the falling birth rate of an aging population.

Philips Healthworks is an accelerator program to help start ups build, test, validate, and scale their ideas. It is a 90 day customized program offering healthtech start ups access to global heath opportunities, network of experts, venture funding, partnerships with investors and healthcare providers, and access to global innovation hubs.

The report provides information and insights into Philips's tech activities, including:

• Insights of its digital transformation strategies and innovation programs
• Overview of technology initiatives covering partnerships, product launches, investments and acquisitions
• Insights on each technology initiative including technology theme, objective, and benefits
• Details of estimated ICT budgets and major ICT contracts

Scope

• Philips has established an Innovation Strategy organization, which works in collaboration with its businesses, research, design, marketing, and strategy teams across its value chain to facilitate innovation from idea to market and develop digital solutions, adopting emerging technologies improving the company’s product portfolio and innovation efficiency.
• Philips is offering a portfolio of products and services along with COVID-19 oriented solutions to meet the needs of the customers while ensuring safety for its employees during the pandemic. They are investing in R&D, connected care solutions, remote patient monitoring, and other telehealth solutions like eICUs and teleradiology, and mobile surgery units.
• Philips uses deep clinical and consumer insights and emerging technologies to deliver integrated solutions that connect people, data, and technology seamlessly and can help improve patient and staff experience.
• Philips is leveraging IoT, big data, and predictive analytics to enable remote upgrade and predictive maintenance and remotely manage its installed devices. Additionally, for upgrading diagnostic machines remotely, the company’s product team schedules and pushes updates automatically. Meanwhile, the use of data analytics algorithms enables Philips to analyze system data and send service event triggers before an unusual event occurs.

Reasons to Buy

• Gain insights into Philips's tech operations.
• Gain insights into its tech strategies and innovation initiatives.
• Gain insights into its technology themes under focus.
• Gain insights into various product launches, partnerships, investments and acquisition strategies.