The company's extensive product range, robust business strategies, and market-appropriate pricing models have contributed to its success
MOUNTAIN VIEW, California, Oct. 7, 2015 /PRNewswire/ -- Based on its recent analysis of the medical devices market, Frost & Sullivan recognizes Philips with the 2015 Global Frost & Sullivan Emerging Market Innovation Award. To cater to the underserved medical devices market in emerging countries, the company leverages the Bangalore based Philips Innovation Campus, which was set up in 1996. Through this innovative campus, it has managed to create novel devices that can be operated using existing local infrastructure.
For instance, Philips's IntelliSpace Consultative Care solution is designed to offer specialist care to remote intensive care units (ICUs) that lack trained medical professionals. The solution enables critical care specialists in tier-1 cities to manage patients in understaffed ICUs across tier-2/3 cities by accessing their medical history and communicating with nurses in these locations.
Another one of Philips's disruptive solutions is VISIQ, a tablet ultrasound that conducts procedures and computes results. The device is used in primary healthcare centers (PHCs) to improve maternal health in emerging markets such as India. In contrast to traditional ultrasound devices, the solution also acts as a communication tool.
Furthermore, to improve maternal health, Philips has implemented the Mobile Obstetric Monitoring (MoM) project that makes use of a mobile phone application to remotely monitor pregnant women. Midwives can collect data through phones and send it to a server from which doctors can review the progress of pregnancies.
"There are three ways of communicating the results in the MoM application—over the Internet, through an encrypted text message or by a universal serial bus (USB) cable," said Frost & Sullivan Research Analyst Ankita Mukherji. "The last two options prove to be especially useful to transmit results from PHCs to secondary and tertiary care centers in emerging markets."
For the Indian market, Philips has also designed a small portable electrocardiogram (ECG) unit—Efficia ECG 100. Unlike other portable ECGs in the market, the Efficia ECG 100 is a diagnostic-quality product. Additionally, this unit can be connected to mobile phones and tablets to display results and transmit information.
With the introduction of these emerging market solutions, Philips has achieved substantial commercial success over the past few years. The IntelliSpace Consultative Critical Care solution, which was only introduced in 2013, has already registered 1,400 beds. VISIQ and Efficia ECG 100 have been in the market for little more than a year, but adoption rates have been steadily increasing.
Robust business strategies and market models are partly responsible for Philips's growth thus far. To address the price sensitivity in emerging markets, the company uses subscription models for most of its products. The IntelliSpace Consultative Critical Care solution is offered on a per-night, per-bed basis, whereas the other products are available on a per-use basis.
Partnerships have also been central to Philips's success. The company partners with clinical researchers, hospitals and governments to enhance its understanding of local needs and ascertain unaddressed challenges in emerging markets.
Each year, Frost & Sullivan presents this award to the company that has demonstrated focus on growth through geographic expansion. The award recognizes the company's ability to localize for emerging market requirements, using an inclusive approach, customer service, and unique "go-to-market" models.
Frost & Sullivan Best Practices Awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis and extensive secondary research to identify best practices in the industry.
About Philips Innovation Campus
Philips Innovation Campus is a tech hub for Philips that focuses on building complete products for India and emerging markets, in addition to developing solutions and products for global markets, across the three sectors Philips operates in, Healthcare, Lighting and Lifestyle. Using the expertise of its nearly 2000 engineers in Bangalore and aligning the marketing and sales teams the campus is responsible for creating and rolling out a complete set of products that include, Ultrasound devices, ECG, the Intellispace Consultative Critical Care Solution and a whole host of solutions for India. It also contributes to Global solutions in MR, CT and Component development for connected consumer devices, connected Lighting solutions and renewable energy. Now it is pioneering the digital journey at Philips.
About Royal Philips
Royal Philips (NYSE: PHG) (AEX: PHIA) is a diversified health and well-being company, focused on improving people's lives through meaningful innovation in the areas of Healthcare, Consumer Lifestyle and Lighting. Headquartered in the Netherlands, Philips posted 2014 sales of EUR 21.4 billion and employs approximately 108,000 employees with sales and services in more than 100 countries. The company is a leader in cardiac care, acute care and home healthcare, energy efficient lighting solutions and new lighting applications, as well as male shaving and grooming and oral healthcare. News from Philips is located at www.philips.com/newscenter.
About Frost & Sullivan
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SOURCE Frost & Sullivan