As one of the largest healthcare technology companies in the world, Philips has been creating and commercializing innovative technologies and customer-focused products in the healthcare space for over 128 years.
But over the past decade, the world has changed—and so have the needs and, just as importantly, the expectations of customers. A global brand like Philips, realizing it can no longer depend on its historic success to stay a leader in healthcare, decided to refocus once again on its customers, this time by pivoting to more customer-centric business models.
In 2014, the company decided to divest its lighting business and focus solely on healthcare. The idea was to leverage their deep clinical and consumer insights to offer more integrated, connected, and customer-focused solutions. These solutions span across two main customer segments: Consumer/Patient Care (oral care, mother and child care, sleep and respiratory care, elderly care, etc.) and Professional Care (remote patient monitoring, imaging, etc.).