Preparedness for the future
In its opinion on Philips’ preparedness for the future, S&P Global Ratings rated the company as ‘Best in Class’, stating that “Philips’ senior leadership has anticipated secular trends in the industry ahead of most global peers, including the shift to digital, integrated, and solution-based care”, and that as a result “the group will more likely benefit from the unprecedented acceleration in digital care caused by the [COVID-19] pandemic.” It also notes that Philips’ global network of research and development centers is “more geographically diverse than many [of the company’s] global peers”, and that the company has “prioritized innovation that leverages data science, artificial intelligence, and software development.”
Philips’ fully integrated ESG framework, which includes its products, services, solutions, circular business models and innovation, energy consumption, supply chains, diversity & inclusion and financial instruments is a core element of its purpose to make the world healthier and more sustainable through innovation. In 2021, the company’s ESG achievements included 1.7 billion lives improved by Philips’ healthcare and personal health products, services, and solutions (of which 167 million lives improved were in underserved communities); 16% of sales derived from circular revenues; and continued carbon neutrality in its own operations.
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