No. 4: Royal Philips
2017 revenues: $20,091,400,000 (€17,780,000,000)
2017 R&D spend: $1,993,320,000
Fiscal year ending: December 31, 2017
Frans van Houten, CEO; Egbert van Acht, EVP, chief business leader, personal health; Sophie Bechu, EVP, chief of operations; Abhijit Bhattacharya, EVP & CFO; Rob Cascella, EVP, chief business leader, diagnosis & treatment; Marnix van Ginneken, EVP & chief legal officer; Andy Ho, EVP & CEO of Philips Greater China; Henk Siebren de Jong, EVP, chief of international markets; Ronald de Jong, EVP, chief human resources officer & chairman of the Philips Foundation; Carla Kriwet, EVP, chief business leader of connected care & health informatics; Vitor Rocha, EVP, CEO of Philips North America; Jeroen Tas, EVP, chief innovation & strategy officer
Philips continued a major pivot away from its legacy lighting business to focus on the healthcare market, with a special emphasis on the value-based segment. The Dutch company also continued its series of agreements with healthcare providers, including an 11-year deal in June 2018 with Jackson Health to provide patient monitoring services on a per-patient fee basis and the addition of 10 providers to its Wellcentive population health management program in October 2017. And the company announced plans in January this year to shift its North American headquarters to biotech hotspot Cambridge, Mass. The transformation also involved a slew of acquisitions; here are just a few: • Remote Diagnostic Technologies (undisclosed, June 2018) • EPD Solutions ($293 million, June 2018) • Digirad’s sales & service business ($8 million, February 2018) • VitalHealth (undisclosed, December 2017) • Forcare (undisclosed, December 2017) • Analytical Informatics (undisclosed, November 2017) Philips also said it plans to shutter manufacturing operations at a Cleveland plant that makes computed tomography scanners as part of a $600 million R&D initiative.