Philips transforms healthcare with AI innovations and reported massive revenue
- Philips employs over 67,000 people and operates in more than 100 countries.
- The company's AI strategy focuses on automation, augmentation, and agility within healthcare settings.
- Philips is committed to responsible innovation to bridge the trust gap seen in AI adoption.
Royal Philips, a global health technology company headquartered in the Netherlands, has significantly advanced its role in integrated diagnostics and healthcare innovation. In 2024, Philips generated €18 billion in revenue and employed over 67,000 people while serving customers in more than 100 countries. Under the leadership of Shez Partovi, the Chief Innovation and Strategy Officer, Philips is focusing on meaningful innovation that aligns advanced technology with deep clinical insights. This approach emphasizes formalized partnerships with health systems, which contribute to the development of effective algorithms and solutions tailored to patient needs. One prominent innovation is the SmartSpeed AI software utilized in Philips' BlueSeal MRI scanners. This software has enhanced productivity in MRI operations by addressing specific customer challenges. Philips' innovation strategies prioritize three key traits: being people-centric, co-created with partners, and designed for scalability. Partovi notes that sustainable projects are increasingly relevant, reflecting a broader industry shift towards this direction. The organization aims to develop impactful solutions, ensuring they are designed with global healthcare challenges in mind. Furthermore, Partovi has expanded his responsibilities to oversee Philips' Healthcare Informatics division, which explores AI applications across a range of medical devices. He describes Philips' AI strategy as encompassing three dimensions: automation, augmentation, and agility. Through effective data integration and continuous analysis, AI enhances patient safety and optimizes clinician responses, reinforcing the essential role of caregivers. He emphasizes that AI should serve as a capacity-building tool rather than a replacement for human care. Addressing the concerns surrounding trust in AI, Phillips cites findings from its Future Health Index survey, which reveals a trust gap between physicians and patients concerning AI's role in healthcare. Despite patients showing significant confidence (86%) in AI when physicians are involved, Partovi insists that responsible innovation is crucial to earning this trust. The incorporation of generative AI in software engineering is a notable trend, with some teams reporting that it now constitutes about 30% of new code development. Customer service is also evolving, with agentic AI managing a portion of service interactions. Overall, Philips is entering an age of intelligence that promises to reshape healthcare delivery fundamentally.