In its drive to become King of the Medical Equipment industry, Philips Healthcare Services has acquired six companies since its inception in 1998. So, has Philips arrived at the royal industry castle yet? Some believe so. In fact, prior to the last two acquisitions, Palo Alto’s “growth consulting” company Frost & Sullivan seemed to think so. In 2004 Frost & Sullivan announced they were awarding Philips five, count them, FIVE awards for “technology and services innovation and industry leadership”. Philips was recognized for making distinguished contributions to the cardiac resuscitation and medical imaging industries and for providing leadership in these market segments.
Was Frost & Sullivan just looking for a spot at the royal court or were these legitimate kudos? Probably the later. F&S conducted interviews with many market players along with their customers and suppliers, and reportedly did extensive research into the medical equipment technology field.
One of the five awards included the regent-like titles of “Medical Imaging Company of the Year”, “New Care Setting of the Year”, and “Medical Imaging Technology of the Year”. The other two were for Technology Leadership and Services Innovation Leadership.
The response of Jouko Karvinen, president and CEO of Philips Medical Systems, to the awards sounded like the equivalent of an industry coronation speech. He stated, “We proudly accept the Frost & Sullivan Awards as an independent validation of Philips business and technology leadership…. These five awards are further indicators that Philips continues to set the industry standard for developing innovative products that help treat patients and save lives.”
Royal Philips. Long live the King!