Philips - improving lifestyles
Philips recently held a media summit in Singapore to promote its three major areas of operations, namely lighting, health, and consumer lifestyle. Media representatives from the ASEAN region were invited to attend the conference. People in Pakistan are well aware of Philips and have used its products for decades.
Commenting on the repositioning of the company as a diversified global health and well-being company,Asad Jafar, CEO, Philips, Pakistan, said, “We kept a low profile because of our global restructuring and repositioning. When we moved away from TVs in Pakistan, we needed to restructure our business.” Philips says that to uphold its tradition of technological advancements and innovation, it spent nearly seven percent of its sales on research and development in 2011.
Philips reiterated at the summit its commitment to improve health and well-being in Asia Pacific by launching The ‘+’ Project which is a comprehensive, multi-year program that aims to identify day-to-day health challenges and addresses them through co-creation, crowd sourcing and meaningful innovation. The project intends to achieve collaboration between the public, corporate sector and governments to improve people’s health.
The global sales of Philips was 22.6 billion euros in 2011 where lighting solutions comprised 34 percent of sales while consumer lifestyle and healthcare division represented 26 percent and 40 percent, respectively. One of the milestones achieved by Philips is The Singapore Learning Centre which is a 12 million euro facility spread over 37,000 square feet and features the latest medical diagnostic equipment.
Philips offers innovative products that suits the needs of its customers and one of its primary efforts is in the healthcare sector. Talking to the media, Harjit Gill, Head of Asia Pacific in Singapore said, “Given the current demographics, an estimated 60 percent of people living in the Asia Pacific region will be over 65 years of age by 2050. We want to specifically target populations and stakeholders – even by funding healthcare in regions such as ASEAN, where healthcare is primarily privately funded – in order to make healthcare accessible and affordable for all.”