Philips ranked as world’s most innovative medtech company in Boston Consulting Group’s Annual Report

Philips continued to climb up the rankings in Boston Consulting Group’s worldwide 2020 ‘Top 50 Most Innovative Companies’ survey. The company has moved up 6 spots from 2019. In its new 2020 position at number 23, Philips also ranks as the most innovative medtech company and is one of only 162 companies to have ever appeared on the list in its 14 years of publication. 

BCG’s “The Most Innovative Companies” ranking is based on an algorithm that takes four factors into account—the first three of them based on a survey of 2,500 global innovation executives: global “mindshare,” industry peer view, industry disruption, and 3-year total shareholder return. The ranking is part of a larger BCG report: The Most Innovative Companies 2020: The Serial Innovation Imperative.  Driving Philips’ innovation is its significant investment into research and development in the U.S. on everything from artificial intelligence to machine learning and virtual reality, to improve healthcare.

“Innovation is only relevant if it continues to deliver value for our customers and consumers,” said Jeroen Tas, Chief Innovation & Strategy Officer and member of the Executive Committee at Royal Philips. “It is part of our DNA and we are proud we have again made significant steps up into the top 25.”

In addition to its placement on BCG’s “The Most Innovative Companies of 2020” ranking, Philips also  earned a spot on the Forbes Global 2000 as one of the 10 largest public healthcare companies in the world, and was included in Forbes’ list of America’s Best Employers for Diversity in 2020. To view an interactive guide to BCGs “The Most Innovative Companies” rankings over time and this year’s report, please visit https://www.bcg.com/publications/2020/most-innovative-companies/data-overview.aspx.