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Transforming Royal Philips to Reinvent Healthcare in the Digital Age

Title Author(s) Type Topic(s) Comments Date
Transforming Royal Philips to Reinvent Healthcare in the Digital AgeMocker, Martin
Ross, Jeanne W.
Working PaperEnterprise Architecture
IT-based Business Transformation
Digital Innovation
Business Complexity
02017-12-01
Abstract: Royal Philips’s goal was to use innovation to improve the lives of three billion people a year by 2025. To reach that goal, the company was shifting from selling medical products in a transactional manner to providing integrated healthcare solutions based on digital health technology (“HealthTech”). This shift required a dual transformation. On one hand, the company needed to transform how healthcare was conducted. Healthcare professionals would have to change the way they worked and reimbursement schemes needed to change to incentivize payers, providers, and patients in vastly different ways. On the other hand, Philips needed to redesign how it worked internally. The company componentized its business, introduced digital platforms, and co-created integrated solutions with the various stakeholders of the healthcare industry. In other words: Royal Philips was transforming itself in order to reinvent healthcare in the digital age.

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