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Growing and aging populations are putting increased pressure on health-care systems that are already buckling under the burden of chronic diseases like cancer and diabetes.
We knew we could put the company on the right side of history by decisive transformative action and by redefining our purpose to improving people's lives through innovation.
I've always flagged that it will take some time to gradually sell down our interest in lighting and basically pivot to be a medtech company focused entirely on health technology.
Genomics, Artificial Intelligence, and Deep Machine learning technologies are helping practitioners deliver better diagnosis and actually freeing up time for patient interaction.
When you try to master the emotions of a decision and say, if you're 50 years from now and you look back, 'Did we take the right decisions?' Then the decision becomes a lot easier.
I think of the world as geographical regions, and it excites me to think about the opportunity that Europe can have if we consider it to be the 500-million-people region that it is.
Engagement with young people is always a refreshing break with routine. It's also a reminder of how we need to constantly keep our thinking agile and unencumbered by traditional rules.
Government should create the environment and incentives to stimulate investment in sustainable innovation, take away barriers, and accelerate adoption, even in turbulent economic times.
Philips is committed to the circular economy and is applying its principles throughout the organization. We are redesigning our products and looking at ways to capture their residual value.
Health care has to be delivered as an integrated service across the entire continuum of care. This runs from healthy living and prevention to diagnosis and treatment and recovery and homecare.
Great companies need to reinvent themselves. We can do that: we can stay relevant, we can grow, and we can stay successful. It takes courage, but it's a path we've been preparing for carefully.
Having a consumer brand helps us a lot. We will see more ambulatory care, and there will be a lot of new ways to deliver healthcare... and that means consumerism is going to play a bigger role.
Employers can assist employees in looking after their health by giving guidance on energy management, sleep and healthy eating, working relationships, and helping maintain a sense of purpose at work.
We are very optimistic about our opportunities in China. Our toothbrushes continue to sell very well, while the growth of private hospitals diminishes the risk of government preferring domestic suppliers.
In the back of my mind was the nagging discussion: where do we take the portfolio? You can get rid of TV, fine, but then you are in lighting and in health, and those don't have a lot to do with each other.
Thanks to the digital and big data revolution, we can start to do what was previously unthinkable - to improve patient outcomes and lower healthcare costs while delivering personalized care to each individual.
Indeed, the Fourth Industrial Revolution will greatly lead to increased consumer health awareness and self-management and will enable individualized treatment pathways supported by tele-health care and coaching.
I am pleased with the response of investors towards Philips Lighting and the successful pricing of the I.P.O. This strategic milestone will allow Royal Philips to focus on the fast-growing health technology market.
When I became CEO, I was really worried that we were in commoditized segments that were mature and no longer growing. So we made a radical pivot into health technology because that is one of the world's unmet needs.
We typically sell a catheter lab to a hospital, and it sits there for the next 10 years, and we don't visit the cardiologist on a daily basis. Volcano have a disposable business. They are in the cath lab on a daily basis.
I came back to Philips and quickly realised that the TV business had a major performance issue and some structural challenges. Rather than try to tweak it and sit things out, we said we had to go for a structural solution.
First and foremost, we must take a more holistic view of patient care journeys and then better integrate workflows and technology so that the care experience is seamless and provided at the location where it makes most sense.
Tech can help population health, make health more accessible, more affordable. Tech can also get people get more included in the economy and contribute and drive growth, and growth and wealth are great contributors to a safer world.
We can't think in terms of designing products that we throw over the wall to customers, but instead, we need to design products that are upgradable and maintainable and that can be mined for materials and components that can be reused.
Concerns about the possible side-effects of connected care are swept aside by the expectations of the benefits when people are confronted with a chronic disease themselves. Resistance that could be privacy-related completely disappears.
The global healthcare industry is undergoing a paradigm shift, providing significant opportunities for Philips to deliver more integrated solutions across the continuum of care - from prevention, diagnosis, and treatment to monitoring and aftercare.
Healthcare continues to move outside the hospital and into our homes and everyday lives. With leading doctors and psychologists, for example, we've developed personal health programs designed around patients to catalyze sustainable behavioural change.
Crucially, healthcare needs to become connected. It should become effortless for medical professionals to share relevant data with colleagues around the world. Medical devices and systems in hospitals should be able to combine multiple sources of information.
Philips is uniquely positioned to help reshape and optimize population health management by leveraging big data and delivering care across the health continuum, from healthy living and prevention to diagnosis, minimally invasive treatment, recovery, and home care.
Government should seek more strategic approaches to developing dynamic, resilient infrastructure. Business must be more creative in offering financing solutions as partners with government, and people must support sustainable innovation as a public policy priority.
Sustainable solutions based on innovation can create a more resilient world only if that innovation is focused on the health and well-being of its inhabitants. And it is at that point - where technology and human needs intersect - that we will find meaningful innovation.
Light is one of the basic areas that will give you comfort, but it is undergoing a technological revolution in moving from conventional lighting to semiconductor-based lighting, and as it does that, it is becoming intelligent with the transition from analogue to digital.
If we are to ensure that healthcare remains affordable and widely available for future generations, we need to radically rethink how we provide and manage it - in collaboration with key health system partners - and apply the technology that can help achieve these changes.
The traditional way that society looks at healthcare is to let people get terribly sick and then have an emergency room to take care of them and spend a lot of money on acute care for people who would have been kept out of hospital in the first place if they had had a lifestyle change.
We are addressing duplication and complexity. At the same time, we are investing more in research and development, speeding up the time to market of new innovations, and expanding our sales force in markets where growth is to be found, like Turkey, Russia, the Mideast, China, and southeast Asia.
Even though we live in a fast-changing world with short term-ism all around, it requires years of determination to transform a company and structurally reap the rewards. Innovation companies need to set their sights on solving unmet needs - but this approach requires focus and long-term tenacity.
Like all major transitions in human history, the shift from a linear to a circular economy will be a tumultuous one. It will feature heroes and pioneers, naysayers and obstacles, and moments of victory and doubt. If we persevere, however, we will put our economy back on a path of growth and sustainability.
Certain product categories become less attractive for us because, as they become mature, they become low-cost, and hence, there is less to invent. There is less to invent in a television, whereas in heath technology, there is a lot to invent. So we wanted to put our innovative power to work where it really matters.
City farming is not only possible, it is the very definition of the kind of meaningful, sustainable innovation we will need to meet the grand challenges of the 21st century: climate change; population growth; ageing population; urbanization; rising demand for energy, food and water; poverty; and access to healthcare.
We undertook a huge internal transformation to sharpen our customer focus, step up innovation, improve productivity to ensure competitiveness, change our culture, and simplify our ways of working so that our size and scale became a competitive advantage rather than a bureaucratic hangover after years of diversification.
We can squabble between the siblings in Europe and not be very productive and then see China and the U.S. win over the European region. Or - and this is my preferred choice - we team up together and are the strong region that we want to be, using each others' strengths and building on our commonalities to become the smartest region in the world.