Here is what I have read and its so impressive the vision that Philips has.
Global in nature.
They are NOT dithering. They are on the move.
They have a BIG focus on Asia....
A lot of material
nice read here....
CNA Insider
Once bleeding billions, how Philips reinvented itself for the digital age
Seemingly past its heyday as an electronics giant, the company turned to healthcare to survive – and now thrive. Inside the Storm looks at how it saw the light.
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A doctor stands next to a patient at the Dutch Royal Philips Electronics Hospital research facility, at its Eindhoven-based Research Laboratories AFP/LEX VAN LIESHOUT
EINDHOVEN: It invented the audio cassette. For baby boomers, its brand was synonymous with the portable radio and the light bulb, its first and perhaps its most famous product.
Dutch company Philips once built an empire on such pioneering products. In Singapore, where the company set up in 1951, its household and consumer appliances, from toasters and televisions to electric shavers and compact disc players, were the rage from the 1950s to the 1980s.
But then its fortunes began to change.
In 1990, the company lost more than US$2 billion - the biggest corporate loss in Dutch history. Its large product portfolio had begun to cause it problems.
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The light bulb was its first and perhaps its most famous product.
As it went from a reputation for innovation, to products that looked more and more outdated next to its rivals', the next two decades were ones to forget for Philips. It barely avoided bankruptcy as it continued to rack up losses.
Founded in 1891 in the city of Eindhoven, Philips made it big in light bulbs, illuminating everything from streetlights to the Russian tsar’s Winter Palace.
As the company grew, it began to produce other household goods, starting with its first radios in 1927. Within five years, it sold one million sets.
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With this taste of expansion began a strategy that prioritised a wide product range, which would dictate Philips’ path for the rest of the 20th century. By the 1980s, its products included irons, vacuum cleaners, microchips and toothbrushes.
That was when its profit margin dropped to less than 1 per cent, and its market share eroded in the United States, Europe and Asia, said National University of Singapore associate professor of management and organisation Sarah Cheah.
Philips was over-diversifying. It just had too many products and was spreading itself too thin.
"Even if it had superiority in certain technologies, it wasn’t able to focus on it and do it really well," she added.
Following its record loss in 1990, the company had to lay off more than 60,000 workers over 18 months, she noted. And yet, Philips was still overstretched and overstaffed in the mid-90s compared with other global electronics companies.
When it lost more than US$300 million in 1996, it had 110,000 employees more than Sony’s workforce - yet its revenues were 14 per cent lower.
Philips had morphed from an innovative company with expertise in core products - to a conglomerate comprising 11 divisions and more than 120 businesses, which even included video games.
New chief executive officer Cor Boonstra knew he had to streamline the company. His first move was to close down its loss-making divisions.
But this did not stop Philips from re-entering the mobile phone market in a joint venture with telecoms manufacturer Lucent. This failed after a year and a loss of about US$500 million.
IN THE GRIP OF A REVOLUTION
In 1999, Philips was a shrinking company: 40 businesses had been divested and 50 factories were in the process of closing down. And the pressure was about to increase.
By the mid-2000s, a technological revolution was in full flow. But as the world was going digital, the company stuck with its analogue TVs, when its rivals were making liquid crystal display (LCD) screens.
“Philips was slow to embrace LCD technology because, at that point of time, the cathode ray tube (CRT) TV was basically a cash cow for (the company),” said Euromonitor International senior consumer electronics analyst Karissa Chua.
Going into the LCD TV market would cannibalise the sales of its own CRT TVs … But I think what it had underestimated was the development of LCD technology.
Emerging players Samsung and LG targeted marketing campaigns for their newer, sophisticated TVs at younger consumers. Mr Ricky Primalani, whose family business in Singapore started selling Philips TVs from the early days, saw the Korean companies “take everything by storm”.
Said the Parisilk head of marketing, communications and events: “The Korean revolution … came very strongly and really got a foothold and dominated the market. And that caused Philips to be sort of left behind.”
At their peak, Philips’ picture tubes were in one in every seven TV sets worldwide. But from 2007 to 2011, its TV unit lost more than US$1 billion. And there were similar stories across its electronic products.
With outdated products and falling profits, its future looked dim. In 2011, the company lost US$1.7 billion.
AFTER 123 YEARS, A NEW CHAPTER
Behind the headlines, however, the management had been laying the foundations for a transformation, spending about US$8 billion on an acquisition spree between 2007 and 2010. So the 2011 loss was “not really a bad thing”, said Assoc Prof Cheah.
She explained: “The acquisitions, the restructuring effort and the cost of them incurred in the earlier years did help the next CEO to continue to build on the strategy of focusing on three key areas, which were lighting, consumer business and healthcare.”
Philips had acquired mostly medical companies and was planning a shift away from electronics towards healthcare.
And in 2011, the CEO who would lead it into this new chapter was appointed: Mr Frans van Houten, an economist by training who had spent 25 years in the company.
“As the new CEO, he brought a lot of leadership to the company,” said Philips chief medical officer Jan Kimpen.
“What he did very well was to read the outside world – to read the transformation that was going on in healthcare. And he decided to change the company.”
Philips’ healthcare division had started small, with its roots in repairing – and then producing – X-ray tubes during World War I. To make it the company’s main focus, Mr van Houten announced a strategic decision in 2014.
After 123 years, Philips would split into two companies: Lighting and healthcare, which it had identified as an industry that will grow in importance as the world's ageing population increases.
And it has set itself a big goal in this industry: To improve the lives of three billion people every year by 2025.
“Look at China, which has a huge population and where the middle class has increased dramatically,” cited Dr Kimpen. “There are huge numbers of people who have the resources to buy healthcare … They have needs.”
LEARNING IN SINGAPORE AND THE REGION
Last year, Philips invested more than US$2 billion in research and development. It also opened a multi-million-dollar regional headquarters in Singapore, which employs close to 1,000 staff today.
The company expects demand to be great in Asia, where the number of people aged 60 or over is projected to increase by 66 per cent between 2015 and 2030. So it is tailoring its healthcare technology to prepare for this spike in seniors.
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For example, Philips has digital programmes like a remote monitoring system for patients in Singapore who measure their health data, such as blood pressure, heart rate, temperature and weight, using devices at home.
The data is automatically sent to the HQ, where Philips Asean Pacific’s general manager for health systems, Mr Diederick Zeven, and his team monitor the patients’ health status.
If the readings are abnormal, his staff would call the patient to do an assessment as a preventive measure. Some 120 people are enrolled in the pilot stage of this system, which will be expanded across Asia in due course.
“We’re learning here in Singapore, we’re also learning in Australia – two very different countries (and) different healthcare systems,” said Mr Zeven. “As soon as we get to a critical amount of learning, together with our partners, we'll for sure roll this out.”
Similar technology is already being used in remote parts of Indonesia, where Philips’ mobile obstetrical monitoring project uses telehealth and home visits to monitor pregnancies. The company also plans to extend this to other communities in Asia.
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These are examples of the new Philips, which is not only selling medical hardware, but also providing new ways of delivering healthcare.
‘WE HAVE TO TRANSFORM MEDICINE’
A decade ago, the company’s medical systems accounted for a quarter of sales; now its health technology portfolio represents nearly three times that.
While there had been restructuring attempts over the previous two decades, this time it has been matched with a change of attitude. Employees are now united on the new direction.
This is perhaps most seen in the company’s laboratories, where scientists who were previously encouraged to work on a wide range of products have a different directive now.
“Philips became really big … Whatever you’d invent would be useful in some place in the company,” said Philips Research Europe principal scientist Martin van der Mark.
“This has changed because in a health technology company, we have to be more focused, so I think it’s a logical consequence of who we are nowadays.”
The scientist is now working on a prototype of a catheter that uses light instead of electricity to measure heart pressure and blockages, which would make it safer and more precise than traditional catheters.
He said: “What this technology could mean in the real world is that you replace all the electrical wiring in a catheter with optical fibres. These catheters will become cheaper and therefore can be used more easily in the treatment and diagnosis of patients.”
The device adapts the technology behind light-emitting diodes (LED) – so Philips has not disregarded its expertise in lighting.
In fact, the company that used to produce more than 2.4 billion incandescent lamps a year has pledged to deliver two billion LED lights by 2020.
Its products are still sold in about 180 countries, and it recorded US$26 billion in sales last year. But it has gone from a company that first specialised in light bulbs, to one of the top global healthcare companies over the last two years.
“We’re on the right track to addressing the big challenges in healthcare,” said Dr Kimpen.
“(But) it’s unconceivable that we can address the enormous burden on healthcare just by doing things better than we did yesterday. We have to do a lot of things. We have to transform medicine.”
Read more at https://www.channelnewsasia.com/new...l-era-lightbulb-healthcare-technology-9483700
Nice to see how they have the vision to drive helathcare.
Nice to see how they have a focus on where the populations are.
Most wont know their strength in Asia.
ronrasch likes this.
Philips just has the vision and that creates the ability to MOVE on stuff......nice to see
they DO NOT dither.
Philips Acquires Mayo-Backed VitalHealth to Expand Population Health Management Offerings
by Fred Pennic 12/11/2017 0 Comments
![[IMG]](https://wrm5sysfkg-flywheel.netdna-ssl.com/wp-content/uploads/2017/12/VitalHealth-Philips-Acquisition.png "Click this image to show the full-size version.")
Philips has acquired VitalHealth, a Netherlands-based provider of cloud-basedpopulation health management solutions for the delivery of personalized care outside of the hospital, for example, in regional care networks. Building on the acquisition of Wellcentive in 2016, the acquisition complements Philips population health management portfolio with advanced analytics, care coordination, patient engagement and outcome management solutions. Financial details of the acquisition were not disclosed.
Founded in 2006 by Mayo Clinic (USA) and Noaber Foundation (the Netherlands), VitalHealth develops game changing cloud-based eHealth solutions for people with chronic diseases such as Diabetes, COPD, CHF, Depression, Cancer and Alzheimer’s.VitalHealth has a successful portfolio of telehealth apps to give patients the tools they need to play a more active role in their own care. Additionally, VitalHealth has a care coordination platform for care providers to integrate patient information across care settings, and it has the capability to aggregate data from different information systems to provide quick insights into the total population.
Philips already successfully offers health informatics to import, aggregate and analyze clinical, claims and financial data across hospital and health systems. Its offering also includes patient engagement programs involving telehealth, personal emergency response and medication management.
A health wearable with this company would be stellar.
I am so impressed
When I read of their focus on Asia.- I used that to create the model that they have a GLOBAL platform.
THesy guys are solid and getting stronger with every move they make.
VitalHealth’s offering will complement Philips Wellcentive’s solution to help improve patient outcomes, as the combined portfolios will enable healthcare providers to better identify and manage high-risk, high-cost patient populations. Moreover, VitalHealth’s platform will strengthen Philips’ HealthSuite digital platform, the company’s digital enabler for the next generation of connected health solutions.
As care moves from the hospital to lower cost settings, including the home, there is a need for a more holistic approach to healthcare. Population health management is a proactive approach to improving health and reducing costs for entire patient populations. It involves the aggregation of patient data across multiple health IT sources, smart analytics to understand the health needs of the population, navigation annd coordination of care within that population, and engagement with each individual patient to improve both clinical and financial outcomes. In line with its strategy to deliver integrated solutions across the health continuum, from healthy living and prevention to diagnosis, treatment and home care,
“This strategic acquisition complements our current offering in population health management, and supports our commitment to deliver integrated solutions for care providers and patients to improve people’s health,” said Carla Kriwet, Chief Business Leader of the Connected Care & Health Informatics Businesses at Royal Philips in a statement. “As a pioneer in comprehensive population health management solutions, we are committed to help drive business transformation for providers, health systems, employers, and payers transitioning to value-based care. VitalHealth will help us deliver on that commitment by strengthening our offering for care coordination, outcome management and patient engagement.”
Last week, Philips acquired Forcare, a Netherlands-based open-standards-based interoperability software solutions for fast and flawless data flows between medical systems and information sources at the departmental and enterprise levels, as well as Health Information Exchanges (HIEs) across health systems.
Again, so impressive. They are so well set for the evolution and look to drive it....
- New
Philips Acquires Open-Standards-based Interoperability Provider Forcare
by Jasmine Pennic 12/07/2017 0 Comments
![[IMG]](https://wrm5sysfkg-flywheel.netdna-ssl.com/wp-content/uploads/2017/12/Forcare.jpg "Click this image to show the full-size version.")
Philips has acquired Forcare, a Netherlands-based open-standards-based interoperability software solutions for fast and flawless data flows between medical systems and information sources at the departmental and enterprise levels, as well as Health Information Exchanges (HIEs) across health systems. Forcare and its team will provide highly complementary capabilities for Philips, and will enable Philips to deliver more effective, seamlessly integrated informatics solutions that improve clinical workflow, enhance patient care and optimize enterprise management. Financial details of the acquisition were not disclosed.
Forcare was founded in 2006 and employs approximately 70 employees. The company is headquartered in the Netherlands and has satellite offices in Germany, the UK and Canada. Hospitals, and HIEs in general, around the world are using Forcare’s software to manage their data exchange and streamline workflows.
As hospital and health systems continue to consolidate, the need for seamless enterprise integration is paramount for delivering efficient, quality care. The combination of Philips’ advanced clinical informatics solutions for data (e.g. IntelliSpace Universal Data Manager), workflow (e.g. IntelliSpace PACS), visualization (e.g. Illumeo) and interoperability (e.g. IntelliBridge Enterprise), and Forcare’s complementary interoperability platform will enable Philips to strengthen its leadership in connecting patient information across the health continuum.
Next thing you know Philips will buy Cerner?
“The global rise in hospital consolidation and large regional projects generate a significant increase in large tenders that inevitably require interoperability,” said Yair Briman, business leader Healthcare Informatics at Philips in a statement. “The acquisition of Forcare will provide us with critical standards and interoperability expertise to interconnect healthcare information systems, share and exchange clinical data, and offer secure and reliable access to digital health information for medical staff and patients across multiple organizations and care settings.”
- New
tell me who your friends are and I'll tell you who you are.....
VitalHealth News
Former Mayo Executive Joins VitalHealth Software as Chief Medical Officer
![[IMG]](https://www.vitalhealthsoftware.com/images/default-source/vitalhealth-blog-us-images/click-fatigue-a-new-diagnosis-for-health-care-providers.jpg?sfvrsn=7546c310_0 "Click this image to show the full-size version.")
MINNEAPOLIS, MN - April 8, 2013 - VitalHealth Software, a leading global provider of web-based solutions for health management established by Mayo Clinic and the Noaber Foundation, today announced that Dr. Lester Wold has joined the company as Chief Medical Officer.
Dr. Wold will help advise the company’s long-term market strategies for care collaboration, disease management, specialty EHR applications, and patient engagement. “We are thrilled to have Les join our leadership team and help us refine and apply our industry-leading ehealth solutions in this rapidly changing healthcare delivery and reimbursement environment. Les brings outstanding leadership and clinical experience to VitalHealth, and we look forward eagerly to benefitting from his guidance and contributions,” said Blair Butterfield, President of VitalHealth Software for North America.
Prior to his retirement from Mayo Clinic, Dr. Wold served in various leadership roles over the course of his career, including as Chair of Mayo's Department of Laboratory Medicine and Pathology, Mayo Collaborative Services Board, and Mayo Medical Ventures Board. He was also a member of the Board of Trustees of Mayo Clinic Foundation. Dr. Wold will continue to be based inRochester, Minnesota, where VitalHealth recently established a physical presence in the prestigious BioBusiness Center.
- New
On Cerner
from a blog......
I work in cerner and if you have caliber, Cerner is the best place to grow and enhance your skills in Healthcare industry.
Work culture is really good and there are lots of opportunities to learn and grow.
Also Cerner acquired Seimens healthcare last year......
1 year after Cerner/Siemens deal: Soarian decline continues, PowerChart performing well
Jan 26, 2016 | Michael Walter
Health information technology (HIT) company Cerner made headlines in August 2014 when it announced its planned acquisition of Siemens Health Services for $1.3 billion in cash. The acquisition was finalized in February 2015, almost exactly one year ago, and a new report from research firm KLAS examines the deal’s impact on both brands.
One of the biggest effects of the acquisition, according to the report, is that that nearly nine out of ten organizations currently using Cerner’s Soarian Clinicals EMR are considering a change.
“Cerner’s acquisition of Siemens touches the foundational HIT systems of hundreds of provider organizations and has Soarian customers on an accelerated path to an EMR change,” Coray Tate, vice president of clinical research at KLAS, said in a prepared statement. “Patient accounting customers are hoping the vendors’ historically weak financial systems will become stronger together.”
Tate explained in the report that a lack of development and poor customer support have Soarian customers viewing it as “an orphaned product.”
Sixty-four percent of the customers who say they are moving on from Soarian Clinicals said they plan on leaving by the end of 2016. Another 21.5 percent said they will make the switch in 2017/2018, with 2.5 percent answering that they will leave sometime after 2018.
In the past, customers wanting to move on from Soarian Clinicals would often consider Epic, a direct competitor of Cerner. Now, however, customers seem interested in moving to Cerner’s own PowerChart product. This revelation, Tate said, comes as a bit of a surprise.
“It typically takes 12–18 months for the impact of an acquisition to be registered in a vendor’s performance scores, but if there are problems, providers will begin to talk about them well before the scores change,” Tate wrote. “In the ratings and comments from PowerChart users, KLAS does not see any indicators that would signal an impending drop in satisfaction. PowerChart customers continue to report a positive experience that has been largely unaffected by the acquisition, and they remain optimistic about the future.”
The best thing in my reading is the Asia focus that Philips has as a priority.
Philips has a LOT more vertical integration than Cerner, ie HARDWARE stuff on the front line...
ie data aquisition.
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