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Philips Strikes Record High Number Of Long Term Health Care Partnership Deals

After a coronavirus-disrupted year, providers are recognizing the value of a different approach to procurement

 
• By Ashley Yeo

Royal Philips closed out the first year of COVID-19 with 7% revenue growth in the fourth quarter. CEO Frans van Houten says low single digit growth is the target for fiscal 2021.

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How long COVID-19 will continue to dominate medtech company strategic thinking remains the industry’s number one theme. But it is clear that providers and health systems are seeing the need to plan more for the longer term rather than simply meeting short term budgetary aims.

Royal Philips signed 25 multi-year partnerships with providers in the US, Europe and Asia in the fourth quarter of 2020 alone. “There is a growing awareness, especially among the larger...

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