For over 120 years, innovation has been a cornerstone of the company’s strategy, creating a strong and trusted Philips brand with market access all over the world. As a global leader in healthcare, Philips focuses on delivering the most technologically advanced products and solutions, as it helps clinicians diagnose, treat and manage many of today’s most prevalent diseases. Consumer Lifestyle is delivering on Philips’ vision to make the world healthier and more sustainable through innovation. As a global market leader in lighting, it has amassed recognised expertise over the past 120 years and has the basis to be a leader in the digital lighting transformation.
Philips is currently running a number of circular economy initiatives. On the business side it is reviewing its design rules to include in new designs, ease of repairability, upgradeability and modularity. Philips is also experimenting with new, performance based business models. Finally, it is growing its refurbished systems business in healthcare and is working on implementing similar models for remanufacturing and parts harvesting in other businesses within Philips. On the enabling side, Philips is raising awareness about the circular economy in the wider business community and is developing training modules together with its internal Philips University.
Philips strives to make the world healthier and more sustainable through innovation. Several global challenges such as the need for affordable and accessible healthcare, energy efficiency and the growing middle class represent great business opportunities and a path to sustainable growth for Philips. Considering the resource and energy constraints of our planet, the company believes that achieving sustainable growth – both for companies and for societies – will only be possible through the transition to a circular economy.
That’s why Philips’ ambition in circular economy is to transform its total business over time. In particular, it is building a long- standing refurbishment business in healthcare equipment and will strongly develop its professional service propositions in lighting, while exploring new innovative business models. Philips’ aspiration is to structurally embed the circular economy principles in its core business activities to create successful propositions with customers who share its vision.