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Summary | 12 Annotations
Seemingly past its heyday as an electronics giant, the company turned to healthcare to survive – and now thrive.
2019/06/19 07:18
Dutch company Philips once built an empire on such pioneering products.
2019/06/19 07:19
But then its fortunes began to change.In 1990, the company lost more than US$2 billion - the biggest corporate loss in Dutch history. Its large product portfolio had begun to cause it problems.
2019/06/19 07:19
As it went from a reputation for innovation, to products that looked more and more outdated next to its rivals', the next two decades were ones to forget for Philips. It barely avoided bankruptcy as it continued to rack up losses.
2019/06/19 07:21
Philips was over-diversifying. It just had too many products and was spreading itself too thin. 
2019/06/19 07:23
New chief executive officer Cor Boonstra knew he had to streamline the company. His first move was to close down its loss-making divisions. 
2019/06/19 07:23
With outdated products and falling profits, its future looked dim. In 2011, the company lost US$1.7 billion.
2019/06/19 07:24
2019/06/19 07:24
After 123 years, Philips would split into two companies: Lighting and healthcare, which it had identified as an industry that will grow in importance as the world's ageing population increases.
2019/06/19 07:26
For example, Philips has digital programmes like a remote monitoring system for patients in Singapore who measure their health data, such as blood pressure, heart rate, temperature and weight, using devices at home.
2019/06/19 07:27
The scientist is now working on a prototype of a catheter that uses light instead of electricity to measure heart pressure and blockages, which would make it safer and more precise than traditional catheters.
2019/06/19 07:28
Its products are still sold in about 180 countries, and it recorded US$26 billion in sales last year. But it has gone from a company that first specialised in light bulbs, to one of the top global healthcare companies over the last two years.
2019/06/19 07:29