CEO: Triple Headwind Cannot Blow Philips Off Strategic Course
Customers are looking beyond sleep recall issue
Frans van Houten has promised a summer update on Royal Philips’ medium-term outlook after the company was hit from all sides in late 2021. He expects the resulting headwinds to persist into early 2022.
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Specific Trilogy Evo ventilators and their repair kits have been recalled because a Philips supplier incorrectly used polyester-based polyurethane (PE-PUR) foam, a nonconforming material, in the manufacture of their muffler assembly. The US FDA gave the recall a high-risk designation on 26 January.
Royal Philips says a first round of testing on its first generation DreamStation has found that the level of volatile organic compounds (VOCs) put off by the recalled device “is not typically anticipated to result in long-term health consequences for patients.”
Health care delivery has been transformed over the past decade, and so has Royal Philips, whose CEO Frans van Houten explains why both were necessary, and the extra impetus for system-wide change following the COVID-19 pandemic.