Philips Bolsters Investment in India with New Innovation Hub in Bengaluru

The Netherlands-based conglomerate Royal Philips, known simply as Philips, unveiled its latest innovation center in Bengaluru on Thursday, marking a significant milestone in its ongoing commitment to investing in India. While specific investment figures were not disclosed, Roy Jakobs, the Chief Executive Officer of Royal Philips, emphasized that India remains a key market for the company, and it intends to continue channeling investments into the country.

With a total valuation of $19 billion, Philips has established major hubs across India, including a healthcare innovation center in Pune, global business services in Chennai, and commercial teams in Gurugram.

The newly inaugurated 650,000-square-foot campus in Bengaluru has the capacity to accommodate over 5,000 professionals dedicated to developing innovative health technologies. These technologies are aimed at enhancing patient experiences, achieving improved health outcomes, elevating staff experiences, and reducing the overall cost of healthcare.

This latest addition to Philips' presence in Bengaluru is pivotal to the company's global footprint and plays a vital role in "revolutionizing" healthcare, not only in India but also on a global scale. With a primary focus on healthcare, the multinational corporation has set ambitious goals, targeting digital connectivity and technological advancements to facilitate universal health coverage. By harnessing these elements, Philips aims to improve the lives of 400 million people annually in underserved communities, as part of its broader objective to enhance the lives of 2.5 billion people per year by 2030.

Roy Jakobs, CEO of Royal Philips, underlined the company's commitment to building its capabilities in India and leveraging them for global customers. He stated, "This new campus is a testimony of our commitment to further building our capabilities in India and leveraging the same for customers globally."

Jakobs continued, "At Philips, we see huge potential to make a difference through innovation, design, and sustainability and help ensure that healthcare works for everyone. In India, we not only want to speed up access to care but also locally develop and contribute to solutions for the rest of the world. This new campus reflects our desire to support the country’s healthcare goals through the development and manufacturing of healthcare solutions."

Philips also views India as a critical hub for artificial intelligence (AI) and software capabilities. The company allocates approximately $1.7 billion each year to research and development, with a significant portion dedicated to software development. The India team plays a pivotal role in contributing to most of Philips's offerings.

"India is a growth market, both in terms of the need for healthcare where we can provide better services, consumer opportunity, and the resources we get from here in order to serve the global audience. It is an important part of our ecosystem. We give a disproportionate amount of our investments to India and see that grow in the coming years. We look forward to investing here," Jakobs emphasized.

Philips' commitment to advancing healthcare solutions in India and its ongoing investments underscore the company's dedication to making healthcare more accessible and effective for people in India and around the world.

BS