Philips Seeks to Establish India as Centre of Excellence for Innovation

Philips Doubles Down on Research and Development in India

Dutch major Philips is doubling down on investments in research and development activities, with a goal of making India a centre of excellence for innovation across its product segments. By the end of this decade, Philips will be completing 100 years in India, which is also a strong growth driver for its personal healthcare portfolio.

At the global level, Philips spends about 5-6 per cent of its revenue in R&D, significantly higher than the average 2-3 per cent in the consumer industry globally. This commitment to R&D is a key factor in the company's growth ambitions in India. Philips' Executive Vice President and Chief Business Leader for personal health, Deeptha Khanna, is confident about India's role not just in terms of the market and growth opportunity, but also being a centre of excellence for innovation across the entire enterprise.

Philips has two R&D centres in India, the Healthcare Innovation Centre in Pune and an innovation campus in Bengaluru. The company's personal health portfolio logged an over 8 per cent revenue growth last year, with India being one of the strong drivers of this growth. In addition, 40 per cent of the volume and revenue in the personal care portfolio in India is locally manufactured.

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Philips is excited about the potential for India to play a role not just locally, but also globally, particularly in areas where software plays a key role. The company is bullish about India's role in innovation across the entire enterprise and is committed to investing in R&D, marketing, and distribution to support its growth ambitions.