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Research & Survey 2014-09-25

Philips India reports robust top line growth in healthcare business

Philips Healthcare sector in India strengthened its market leadership position in Cardiology and Oncology while maintaining its co-leadership position in MRI.

Philips India reports robust top line growth in healthcare business

Led by its customer focused and market driven strategy,Philips India delivered a robust comparable growth in gross income with all the three key sectors-Lighting, Consumer Lifestyle and Healthcare posting strong top line growth and increasing their respective market share. The gross income on a comparable basis for 12 month period ending March 2014 increased by 9.26 per cent as compared to financial year March 2013, while net profit grew by 70.92 per cent.

 

Growth was driven by both category and geographical expansion as well as through the strengthening of the distribution network.  A strong focus for the year remained on introducing locally relevant products and delivering great customer service, which resulted in a stronger brand equity as well as business growth.

 

In a significant development, Vivek Gambhir, Managing Director, Godrej Consumer Products Limited (GCPL) and Vikram Mukund Limaye, Managing Director and CEO, IDFC Limited were added to the Philips India Board as Non-Executive Directors with effect from March 28, 2014.

 

Philips Healthcare business in India grew by 1.9 per cent in the period ended March 31, 2014, with patient monitoring registering a growth of 9.6 per cent and cardiology growing by a strong 16.9 per cent over 2012-13.The customer service revenues registered a growth of 19.5 per cent during the same period. 

 

Philips Healthcare sector in India strengthened its market leadership position in Cardiology and Oncology while maintaining its co-leadership position in MRI. It continues to remain the market leaders in Patient Monitoring, Sleep therapeutic devices and Non-invasive ventilators for respiratory care (source: COCIR). It gained share in the nursing home space and grew the business significantly. 

 

Philips Healthcare was awarded the Best Imaging Company of the year 2013 by Frost & Sullivan for its leadership position in Diagnostic imaging especially in Radiology, Cardiology and Oncology.

 

Philips Innovation Campus

 

Philips Innovation Campus (PIC) based in Bangalore continued to delivering meaningful innovations for local and global markets. PIC delivered over 10 products last year for India and growth geographies like Africa and Indonesia. Some meaningful innovations from the campus for India include:

 

1) The Intellispace consultative critical care solution, which enables an intensivist at a central location to monitor patients in distant multiple Intensive Care Units (ICUs), almost in real time. It is a solution which addresses the growing shortage of qualified physicians and nurses, while dramatically improving quality of care. 

 

2) Compact and low cost ECG device, VISIQ, a unique USB-based tablet Ultrasound system.

 

3) A solar DC grid- an alternate source of energy that answers the energy crisis.

 

PIC continued to contribute to global products and also expanded its innovation capabilities to cater to markets like Singaporeand Indonesia. The Mobile Obstetrics Monitoring (MOM) which detects early pregnancy risks, provides convenient access to clinical data anytime and anywhere, is deployed in Indonesia. In healthcare, PIC continues to play a key role in imaging solutions. 

 

Other sectors like the lighting sector grew by 6 per cent over the previous year's corresponding period and the consumer lifestyle segment continued to gain and strengthen market share in key focus categories such as Domestic Appliances, Garment Care and Personal Care. These categories combined achieved a healthy growth of 28 per cent in the period ended March 31, 2014.

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