Philips Koninklijke

Company Description

Philips is a Dutch health technology company that has transformed from a consumer electronics giant into a focused provider of medical equipment and healthcare solutions. The company makes the MRI and CT scanners found in hospitals, the patient monitors used in intensive care units, and the ultrasound machines used by doctors worldwide. Their mission is to improve 2.5 billion lives per year by 2030. The company operates through three main divisions: Diagnosis & Treatment (medical imaging equipment like MRI, CT, and ultrasound scanners), Connected Care (patient monitoring systems and respiratory care products under the Respironics brand), and Personal Health (consumer products including Sonicare electric toothbrushes, electric shavers, and Avent baby care products). Founded in Eindhoven in 1891 by Gerard Philips and his father Frederik, Philips grew from a light bulb manufacturer into one of the world's largest electronics companies. Over the past two decades, the company strategically divested its television, audio, lighting, and semiconductor businesses to focus entirely on healthcare. The company was granted its royal 'Koninklijke' prefix in 1998. With approximately 68,000 employees across more than 100 countries, Philips invests heavily in innovation—€1.7 billion in R&D in 2024 alone, with nearly half focused on artificial intelligence applications in healthcare. The company has been recognized as the top-ranked medical technology company in innovation for twelve consecutive years. Under CEO Roy Jakobs, Philips is executing a productivity program targeting €2.5 billion in savings while recovering from challenges related to its respiratory care product recalls.