Philips India, the Indian subsidiary of the Netherlands-based health technology major Royal Philips, said the company would play a lead role in the value-based healthcare segment in India as it sees a huge vacuum in this space in the country.
Daniel Mazon, managing director, Philips India said value-based healthcare was increasingly becoming an industry discussion across emerging economies, including India.
“Historically, healthcare has been more like: let me treat you because something has happened to you, also let me treat you as many times as needed. But how would a patient know all clinical interventions and diagnosis carried out on him/her are going to create value and good outcomes,” he said.
Mr. Mazon asserted that there existed a huge gap in the healthcare market as hospitalisation and treatments, accompanied by all kinds of diagnosis and multiple clinical interventions, alone need not create value (proper healing) for the patients.
Real solutions
“The holistic piece in health care has been missing. That’s why we have consciously made a decision to invest in healthcare and be very focussed on this space. We have moved away from mere products to real solutions. When I say value, we want to create good outcomes for patients after they are out of the hospitals. We are now more nimble-footed and are investing and innovating constantly to create technology and solutions to ensure better health,” Mr. Mazon added.
It may be recalled that the €20 billion conglomerate Royal Philips had gone in for a major business restructuring in 2013 to become a healthcare technology solutions provider. It made 11 acquisitions to sharpen its focus on health-related technologies, in the last six years.
Philips now introduces some 15 to 20 new healthcare and wellness solutions and devices, ranging from smart air purifiers, breathing (sleep) machines to MRI equipment, in the Indian market every year.
Mr. Mazon further said, “India is a special market for us and we want to touch every Indian by directly contributing to his health and and well-being. With our pre-Independence presence since 1930, we are a household name here. We are also part of the government’s Ayushman project.”
Post consolidation, Philips has been growing in double digits in India along with other emerging healthcare markets like China, Latin America, some countries in South East Asia and Africa.
