Oct 23, 2018

Philips launches first global startup collaboration program focused on the application of artificial intelligence in healthcare

Bangalore, India - Royal Philips (NYSE: PHG; AEX: PHIA), a global leader in health technology, today announced the launch of its first global start-up collaboration program involving Philips’ innovation hubs in Cambridge (US), Eindhoven (the Netherlands), Bangalore (India) and Shanghai (China) focused on the application of artificial intelligence (AI) in healthcare. The program focuses on the application of AI-based clinical decision support tools, such as image interpretation, analysis and integration, and workflow tools, such as intelligent treatment plans for radiology, ultrasound and oncology. After careful analysis, the most promising 19 start-ups out of 750 applicants were selected for inclusion in Philips’ proven accelerator program for early stage start-up companies.

The startup program at Philips Innovation Campus, Bangalore caters to innovation ecosystems across India, Japan, South East Asia, Australia & New Zealand, Middle East &Turkey regions.

The team screened more than 150 healthcare start-ups that had AI and radiology as part of their proposition and the most promising five start-ups joined the global cohort. They will now be coached and facilitated from Philips Innovation Campus, Bangalore and gain access to some of the best experts from the ecosystem.

The Indian Start-up ecosystem is demonstrating an increasing trend of applications based on deep learning and AI in healthcare domain. Philips is engaging with entrepreneurs who are developing AI-enabled solutions for improving clinical and operational outcomes. This year, the chosen start-ups are unique and the team at Philips Innovation Campus is committed to help start-ups strengthen their value proposition and become successful sustainable business.

Mr. Srinivas Prasad

CEO Philips Innovation Campus-Bangalore

At Philips, we use intelligent technology to improve people’s health across the health continuum – from healthy living and prevention to diagnosis, treatment and home care – while also increasing the efficiency of healthcare delivery. We are already working closely with clinical partners to develop AI-enabled solutions that are grounded in scientific research and validated in clinical practice. This new collaboration program recognizes the role that start-up companies play in bringing breakthrough healthcare innovations to the market.

Alberto Prado

Head of Philips HealthWorks

Global, fast-track program

During the intensive 12-week ‘AI in Healthcare for Radiology, Ultrasound and Oncology’ program, Philips will simultaneously engage with the 19 early stage start-ups from 14 different countries, with the aim of validating their propositions, helping to build, test and scale their ideas, and exploring possible collaborations. In addition to benefitting from Philips’ know-how and experience in the professional healthcare domain, the selected start-ups will have access to expertise in the company’s innovation ecosystem, which comprises hospital, academic, industry and financial partners.

About Royal Philips

Royal Philips (NYSE: PHG, AEX: PHIA) is a leading health technology company focused on improving people's health and enabling better outcomes across the health continuum from healthy living and prevention, to diagnosis, treatment and home care. Philips leverages advanced technology and deep clinical and consumer insights to deliver integrated solutions. Headquartered in the Netherlands, the company is a leader in diagnostic imaging, image-guided therapy, patient monitoring and health informatics, as well as in consumer health and home care. Philips' health technology portfolio generated 2018 sales of EUR 18.1 billion and employs approximately 77,000 employees with sales and services in more than 100 countries. News about Philips can be found at http://www.philips.com/newscenter.

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