Journey from Electronics to Healthcare Technology – Philips, Healthcare Product Maker

Abstract

Background/Purpose: In 1891, Gerard Philips and his father Frederik created the Dutch multinational corporation Philips in Eindhoven. Its headquarters are in Amsterdam. Having divesting off its consumer electronics division, Philips is now focused completely on the health technology industry. The company has extensive experience in a wide range of healthcare-related fields, including cardiology, health technology, oncology, respiratory medicine, fertility and pregnancy. To make people's lives better through innovation, and to contribute to the creation of a world that is both more sustainable and healthier. Objective: This paper provides a case study of Philips' transformation from an electronics firm to a leading healthcare product producer. This paper also looks at the healthcare business as a whole, as well as the many technological advancement components of it. Design/Methodology/Approach: Secondary sources were used in this investigation, including journals and conference publications, annual reports, Philips Company websites, the internet, scholarly articles, and social media reviews. On the company, a SWOT analysis was performed. Findings/Results: The 131-year-old company’s growth as an electrical and electronic goods manufacturer has been meritorious. The company has ventured into the healthcare sector after 2010 and has a road ahead to become a pioneer in this sector. Conclusion: Philips Healthcare is a global player in the manufacture of healthcare equipment. The company has a robust R&D division which can aid in building more innovative healthcare products. By being more innovative the company can achieve its mission of improving global health and sustainability through technological advancements. Paper Type: Company analysis as a Research Case Study