Philips Healthcare: Targeting Healthtech Market Recovery Via Value Creation
Challenges Of Recall Add To Pandemic-induced Pressures
Quality issues relating to a historical acquisition have held back Philips Healthcare’s financial performance in the post-COVID phase, while market competitors have been able to chart a less bumpy path through the tail end of the pandemic. All are facing supply chain and inflationary pressures.
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Healthcare leaders are increasing their use of virtual care for patients and are more ready to adopt artificial intelligence for critical decision support and operational efficiency, says Royal Philips’ Future Health Index 2023.
With a product mix that includes high energy consumption imaging, capital equipment and personal health care, Philips has a unique spectrum of challenges in driving low carbon health care. Nevertheless, it has set the bar high in environmental sustainability goals, and is pressing suppliers to follow its lead.
The leading global medtechs’ fiscal 2022 revenue reports are all in: Abbott Laboratories moved above Medtronic in MAT medtech revenues, while Philips Healthcare and Stryker finished the year with strong quarters and Roche dropped a few places.