Philips Ranked as World’s Most Innovative Medtech Company in Boston Consulting Group’s Annual Report

Innovative healthcare technology company jumps 6 spots in exclusive listing, landing in top 25

CAMBRIDGE, Mass.--(BUSINESS WIRE)--Royal Philips (NYSE: PHG, AEX: PHIA), a global leader in health technology, today announced that the company has earned a place on Boston Consulting Group’s (BCG) “The Most Innovative Companies 2020” ranking of the top 50 most innovative companies worldwide, moving up 6 spots from 2019. In its new 2020 position at number 23, Philips also ranks as the most innovative medtech company and is one of only 162 companies to have ever appeared on the list in its 14 years of publication.

BCG’s “The Most Innovative Companies” ranking is based on an algorithm that takes four factors into account—the first three of them based on a survey of 2,500 global innovation executives: global “mindshare,” industry peer view, industry disruption, and 3-year total shareholder return. The ranking is part of a larger BCG report: The Most Innovative Companies 2020: The Serial Innovation Imperative. Driving Philips’ innovation is its significant investment into research and development in the U.S. on everything from artificial intelligence to machine learning and virtual reality, to improve healthcare.

“Innovation has been a Philips cornerstone since our inception nearly 130 years ago and has never been more important than in today’s healthcare environment. We have developed new solutions and unique ways to deliver care to improve the experience for healthcare providers and outcomes for patients,” said Joseph Frassica, M.D., head of Philips Research Americas and chief medical officer for Philips North America. “This focus includes everything from looking at ways we can monitor patients without sensors, to providing our veterans and active duty personnel access to the best possible care, to displaying patient information right in front of a surgeon during a procedure. Improving people’s lives is at the core of everything we do.”

In addition to its placement on BCG’s “The Most Innovative Companies of 2020” ranking, Philips also earned a spot on the Forbes Global 2000 as one of the 10 largest public healthcare companies in the world, and was included in Forbes’ list of America’s Best Employers for Diversity in 2020. To view an interactive guide to BCG's “The Most Innovative Companies” rankings over time and this year’s report, please visit https://www.bcg.com/publications/2020/most-innovative-companies/data-overview.aspx.

About Royal Philips

Royal Philips (NYSE: PHG, AEX: PHIA) is a leading health technology company focused on improving people's health and enabling better outcomes across the health continuum from healthy living and prevention, to diagnosis, treatment and home care. Philips leverages advanced technology and deep clinical and consumer insights to deliver integrated solutions. Headquartered in the Netherlands, the company is a leader in diagnostic imaging, image-guided therapy, patient monitoring and health informatics, as well as in consumer health and home care. Philips generated 2019 sales of EUR 19.5 billion and employs approximately 81,000 employees with sales and services in more than 100 countries. News about Philips can be found at http://www.philips.com/newscenter.