Philips Signs Five-Year Research Alliance with Massachusetts Institute of Technology to Bring Breakthrough Innovations in Hea...
May 19 2015 - 3:30PM
Business Wire
- Philips will move its North American
research center to Cambridge, Mass. to engage with the area’s rich
innovation ecosystem
- Five-year alliance with MIT amounts to
USD 25 million in total and is an integral part of the company’s
current R&D spend
Royal Philips (NYSE: PHG, AEX: PHIA) today announced it has
signed a five-year research alliance with the Massachusetts
Institute of Technology (MIT) aimed at developing innovative
HealthTech solutions to address society’s most pressing challenges
in healthcare, as well as digital connected lighting systems to
address the need to make cities more livable and sustainable.
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Henk van Houten, Philips Global Head of
Research, stands in front of the new Philips Research headquarters
for North America in Cambridge, MA (Photo: Business Wire)
With a total budget of USD 25 million for the five-year term,
this is the largest research alliance undertaken by the company in
the region. It is an integral part of a broader Philips strategy to
accelerate innovation and business growth. This also includes
moving the company’s research center to Cambridge,
Mass., allowing Philips to collaborate with other leading-edge
institutes and partner companies as part of the area’s rich
innovation ecosystem. The move to Cambridge, within close proximity
of the MIT campus, will allow Philips researchers to collaborate
readily with MIT faculty and Ph.D students on jointly defined
research programs, as well as participate in open innovation
projects.
Joint teams will work on advancements in HealthTech, for example
to help improve the management of cardiovascular disease and the
diagnosis and treatment of various types of cancer, focused on
improving patient outcomes, while reducing costs. Through the
alliance, Philips will gain access to MIT’s experts and clinical
partners, allowing the company to better explore applications for
population health management through the use of patient-centric,
high-resolution imaging, healthcare informatics and data
analytics.
In lighting, the collaboration will explore the advancement of
energy-efficient lighting systems and services for densely
populated cities. Philips recently announced unique innovations in
connected, cloud-based LED lighting for the city of Los Angeles and
the New NY Bridge across the Hudson River in New York, and will
explore new ways to exploit the digitization of lighting.
“The Boston area is rich with innovative talent that is
regularly applying new thinking to solving big societal issues and
developing disruptive technologies that can address those issues in
new ways; it’s a culture and vision that is very much in line
with that of Philips,” said Henk van Houten, Global Head of Philips
Research. “By moving to Cambridge and collaborating with MIT, its
staff and its partners, Philips can work with some of the best
minds in the world on healthcare delivery, looking at ways to
better prevent, manage or treat common diseases across the health
continuum. In addition, we will explore advancements in connected
lighting systems that can improve energy-efficiency, safety,
productivity and quality of people’s daily lives.”
“Kendall Square is a vibrant innovation ecosystem, and I am
thrilled that Philips will further enhance the diversity of
commercial market segments located adjacent to campus,” said MIT
Associate Provost Karen Gleason. “Working in close proximity, the
Institute’s researchers and experts at Philips will endeavor to
develop new digital and health technologies that address key
challenges in wellness and urban living. Through industrial
alliances like this one, we also hope to ramp up the speed with
which we move new technologies from the lab to impact.”
About Royal PhilipsRoyal Philips (NYSE: PHG, AEX: PHIA)
is a diversified health and well-being company, focused on
improving people’s lives through meaningful innovation in the areas
of Healthcare, Consumer Lifestyle and Lighting. Headquartered in
the Netherlands, Philips posted 2014 sales of EUR 21.4 billion and
employs approximately 108,000 employees with sales and services in
more than 100 countries. The company is a leader in cardiac care,
acute care and home healthcare, energy efficient lighting solutions
and new lighting applications, as well as male shaving and grooming
and oral healthcare. News from Philips is located at
www.philips.com/newscenter.
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version on businesswire.com: http://www.businesswire.com/news/home/20150519006762/en/
Philips North AmericaLea Armstrong, +1 978-659-3467Public and
Media Relationslea.armstrong@philips.comorMassachusetts Institute
of TechnologyKimberly Allen, +1 617-253-2702allenkc@mit.edu
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