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Philips Healthcare Medical Device Company Intelligence Report
Espicom Business Intelligence Ltd, April 2011, Pages: 88
Headquartered in Best, the Netherlands, and Andover, Massachusetts, the US, Philips Healthcare is part of the multinational electronics giant, Royal Philips Electronics Group. At the beginning of 2008, Philips realigned its business activities into three separate ‘sectors’ – Healthcare, Lighting and Consumer Lifestyle – each of which was made responsible for the management of its businesses worldwide. Philips Healthcare was formed through the combination of the former Medical Systems and Home Healthcare Solutions divisions, the latter of which had been hived off from Philips’ Innovation and Emerging Businesses unit.
Bolstered by the product lines and research activities of smaller rival companies that have been acquired in recent years, Philips Healthcare offers a broad portfolio of medical systems. Its product line includes X-ray, ultrasound, magnetic resonance (MR), computed tomography (CT), fluoroscopy and nuclear medicine imaging technologies, as well as patient monitoring, information retrieval and management systems and resuscitation, perinatal care, temperature management and hospital and home respiratory, ventilation and sleep management products. Philips Healthcare also offers a wide range of services to support its businesses. Philips Healthcare is a leader in many of the markets in which it participates and, in the financial year ended 31st December 2010, had sales of EUR8.6 billion.
Central to Philips Healthcare’s strategy is the aim of achieving a leading position in the high-growth sector of home healthcare. Given the unsustainably high healthcare costs in many markets and increased emphasis on both efficiency and patient comfort, there is a growing shift towards diagnosing, treating and monitoring patients in their homes, rather than in hospitals. Demand for home healthcare is also growing due to the increasing number of elderly people and the rising incidence of chronic diseases.
Consequently, Philips adopted an aggressive merger and acquisition policy with regards to the home healthcare market. Key purchases have included Lifeline Systems, Health Watch and Raytel Cardiac Services. Its most important acquisition made to date in connection with this strategy was the 2008 purchase of US-based Respironics, for a total consideration of US$5.1 billion. At the time of the transaction, Respironics was the global leader in the treatment of obstructive sleep apnoea (OSA), a sleep disorder characterised by the repeated cessation of breathing during sleep. The purchase also gave Philips access to a substantial non-invasive ventilation solutions business, and this is being augmented with further strategic acquisitions. Most importantly, however, is that Philips is no longer heavily reliant on its imaging systems business (affected by softening demand in the key North American market, increased competition and customers’ reluctance to invest in new equipment during the economic slowdown).
At the same time, Philips has also been expanding its healthcare informatics business. In the hospital market, Philips strengthened its global leadership in critical care with the purchase of VISICU, which provides advanced IT solutions for monitoring patients in the intensive care unit. This purchase complemented the earlier acquisitions of Emergin (a provider of alarm management and event notification software and solutions) and Ximis (a provider of web-based radiology information systems (RIS)). Philips went on to buy Ireland-based TOMCAT Systems (a provider of cardiovascular information systems), Wheb Sistemas and Tecso Informatica (both Brazil-based suppliers of information systems), and CDP Medical, an Israeli provider of picture archiving and communication systems (PACS). Philips aims to expand the use of information technology in healthcare to improve patient outcomes and help hospitals work more efficiently.
Emerging markets are also of growing importance to Philips Healthcare, where investment in healthcare aimed at low-income demographic groups is now being prioritised by both state and private healthcare institutions. Here, Philips is establishing or ramping-up its manufacturing presence in low-cost economies and has bought strategic operations in India, China and Brazil that have come with existing diagnostic imaging, patient monitoring and critical care product lines. The company has also established a manufacturing joint venture to develop and produce imaging products for the Russian market. Philips believes that emerging healthcare markets, such as Latin America (which it claims is growing at twice the rate of developed markets), represent a real growth opportunity for its Healthcare business.
This company report provides:
Overview
- Key contact information
- Introduction to the company and its current activities
- Summary of its financial performance
- Who are the company’s major competitors?
- Key recent events in an “at a glance” format
Financial Review
- Current year and annual financial data, including revenue breakdowns by product area and geographic region (if available)
- Table providing in-depth five-year financial analysis
- Employee data, including breakdown by company division and geographic location
Strategic Focus
- Investigates the company’s aims and its areas of focus
Products
- Core product areas, key brands, product approvals and launches
Research and Development
- How much has been invested in R&D?
- Where is the research based?
- What alliances and agreements does the company have and with whom?
Manufacturing and Distribution
- Identifying the company’s manufacturing locations
- Sales and marketing facilities
Agreements
- With whom has the company reached agreements and what do they involve?
- Key contracts awarded
Mergers, Acquisitions, and Divestments
Key Corporate Events
Product samples
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