Philips to Enter Into AI to Target Growth in Healthcare

The famous Dutch brand Philips, that is known for its various product offerings, televisions, lightbulbs, and shavers is planning on venturing more into healthcare technology with the help of connected devices that utilizes data analysis & artificial intelligence.

In the past ten years, Philips has compressed itself into a more focused firm, providing a range of products, from scanners for hospital to patient monitoring. Frans van Houten, Chief Executive of the firm stated that the next step in the firm’s transformation is to become a provider of solutions, which means they want to supply packages of software & services, rather than focusing only on hardware.

He further added that in the near future, most of their product offerings will have services tied up with them, where they can offer a patient support, or they support the doctor, and where they take responsibility for the outcomes and the way these products affect. They will go more than the product, in the diagnosing process, or treatment procedure, or into chronic care’s delivery.

Even though Philips is smaller now, it is comparatively profitable and the price of the share is 45% more than it was in 2011, when Mr. Frans van Houten took over the role. The three segments concentrate on medical scanners & equipment developed for surgical intervention, monitoring of patients & analytics in house as well as in the hospitals, and personal appliances.

If this works out, this strategy may create recurring opportunities for revenue, rewarding the firm for good outcomes of the patient. Some of the customer appliances offered by Philips, such as sleep aid devices, are connected to the cloud, letting health professionals to study the data. Mr. Frans van Houten estimated that more such appliances will come, but he refused to disclose the areas.

Anurag Sharma

Delivering high-quality research and consulting projects at tight deadlines remains Anurag Sharma's forte. An experienced market research professional, he has helped business of varied scales make key strategic decisions. Anurag is a specialist in the medical devices market research domain, and has accurately predicted the trends in the market. Anurag is an avid traveller and music aficionado; in his free time, he loves to introspect and plan ahead.