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Like all major transitions in human history, the shift from a linear to a circular economy will be a tumultuous one. It will feature heroes and pioneers, naysayers and obstacles, and moments of victory and doubt. If we persevere, however, we will put our economy back on a path of growth and sustainability.
Frans van Houten
History
Path
Victory
Heroes
Will
Doubt
Back
Our
Circular
Feature
Put
Major
Obstacles
Like
Economy
However
Shift
Linear
Persevere
Pioneers
Human
Sustainability
Tumultuous
Transitions
Human History
Moments
Growth
Government should seek more strategic approaches to developing dynamic, resilient infrastructure. Business must be more creative in offering financing solutions as partners with government, and people must support sustainable innovation as a public policy priority.
Frans van Houten
Government
Business
Creative
Innovation
People
Approaches
Must
Financing
Solutions
Seek
More
Developing
Support
Policy
Partners
Priority
Offering
Sustainable
Dynamic
Public
Infrastructure
Should
Public Policy
Strategic
Resilient
Meaningful innovation can be an important catalyst in encouraging resilience in seniors, keeping them independent and engaged.
Frans van Houten
Innovation
Important
Seniors
Independent
Catalyst
Encouraging
Them
Meaningful
Engaged
Keeping
Resilience
Healthcare is a conservative marketplace.
Frans van Houten
Conservative
Marketplace
Healthcare
Insurers reimburse critical care, not the avoidance of incidents. Therefore, investments are not targeted towards prevention.
Frans van Houten
Care
Critical
Prevention
Investments
Towards
Targeted
Avoidance
Incidents
Therefore
Concerns about the possible side-effects of connected care are swept aside by the expectations of the benefits when people are confronted with a chronic disease themselves. Resistance that could be privacy-related completely disappears.
Frans van Houten
People
Benefits
Care
Chronic
Possible
About
Could
Disappears
Concerns
Expectations
Disease
Confronted
Aside
Themselves
Swept
Connected
Resistance
Tech can help population health, make health more accessible, more affordable. Tech can also get people get more included in the economy and contribute and drive growth, and growth and wealth are great contributors to a safer world.
Frans van Houten
Health
Great
People
World
Wealth
Drive
More
Economy
Also
Make
Safer
Accessible
Contribute
Get
Affordable
Help
Included
Population
Tech
Growth
When I became CEO, I was really worried that we were in commoditized segments that were mature and no longer growing. So we made a radical pivot into health technology because that is one of the world's unmet needs.
Frans van Houten
Health
Needs
Technology
World
Made
Radical
Worried
Segments
Longer
Became
Because
Were
Mature
CEO
Really
Growing
Great companies need to reinvent themselves. We can do that: we can stay relevant, we can grow, and we can stay successful. It takes courage, but it's a path we've been preparing for carefully.
Frans van Houten
Great
Courage
Path
Carefully
Relevant
Stay
Takes
Been
Themselves
Successful
Companies
Grow
Preparing
Reinvent
Need
We are very optimistic about our opportunities in China. Our toothbrushes continue to sell very well, while the growth of private hospitals diminishes the risk of government preferring domestic suppliers.
Frans van Houten
Government
Opportunities
Our
Diminishes
About
Risk
Hospitals
Suppliers
Well
Private
Continue
Domestic
Sell
Very
Optimistic
While
China
Growth
The conventional way of selling products out of the catalogue no longer works; the relationship needs to become more sticky.
Frans van Houten
Needs
Relationship
Become
Way
Out
More
Catalogue
Longer
Sticky
Selling
Conventional
Conventional Way
Products
Works
In an aging world with more chronic disease, health and healthcare are enormous opportunities that we want to focus on.
Frans van Houten
Health
World
Opportunities
Focus
Enormous
Chronic
More
Healthcare
Disease
Want
Aging
Minimally invasive surgery is the way forward: the patient goes home the next day; there are fewer complications.
Frans van Houten
Day
Home
Patient
Way
Complications
Surgery
Goes
Fewer
Next
Forward
We typically sell a catheter lab to a hospital, and it sits there for the next 10 years, and we don't visit the cardiologist on a daily basis. Volcano have a disposable business. They are in the cath lab on a daily basis.
Frans van Houten
Daily
Business
Visit
Hospital
Volcano
Years
Lab
Sell
Next
Disposable
Daily Basis
Basis
I think, going forward, we need to be much more modest on expectations with regard to China growth: That's just being realistic.
Frans van Houten
Realistic
Think
More
Expectations
Going
Just
Being
Regard
China
Modest
Much
Forward
Growth
Need
At the core, Philips is an innovation company. And for innovation to work, you need to look for the unmet needs.
Frans van Houten
Work
Needs
You
Innovation
Look
Company
Need
Core
Light is one of the basic areas that will give you comfort, but it is undergoing a technological revolution in moving from conventional lighting to semiconductor-based lighting, and as it does that, it is becoming intelligent with the transition from analogue to digital.
Frans van Houten
You
Light
Digital
Will
Revolution
Analogue
Give
Area
Lighting
Undergoing
Comfort
Does
Becoming
Intelligent
Conventional
Moving
Transition
Basic
Technological
We have transformed Philips into a focused leader in health technology, delivering innovation to help people manage their health.
Frans van Houten
Health
Technology
Innovation
People
Leader
Focused
Delivering
Manage
Transformed
Help
Help People
To become the global leader in HealthTech and shape the future of the industry, we will combine our vibrant Healthcare and Consumer Lifestyle businesses into one company.
Frans van Houten
Future
Will
Leader
Become
Our
Lifestyle
Shape
Consumer
Combine
Global
Industry
Healthcare
Vibrant
Businesses
Company
A siloed approach between suppliers doesn't really help hospitals well enough.
Frans van Houten
Enough
Approach
Hospitals
Suppliers
Between
Well
Well Enough
Really
Help
The computer can do a much better job than the human eye, as it is much more systematic in analysing tissues.
Frans van Houten
Better
Job
Analysing
Systematic
Eye
More
Better Job
Computer
Than
Human
Human Eye
Much
In the Asian marketplace, we need to come out with products every nine months, not every two years.
Frans van Houten
Every
Nine
Nine Months
Months
Marketplace
Out
Come
Years
Asian
Products
Two
Need
The shift in demand is toward partners that can improve productivity, and in part, that can be done by software.
Frans van Houten
Software
Part
Toward
Demand
Partners
Shift
Improve
Done
Productivity
Price erosion in components is quite fast. If you can capitalize on that by bringing products to the market faster, you will actually gain a better margin realization.
Frans van Houten
You
Better
Will
Faster
Market
Components
Price
Erosion
Quite
Gain
Realization
Capitalize
Products
Fast
Actually
Margin
Bringing
In the back of my mind was the nagging discussion: where do we take the portfolio? You can get rid of TV, fine, but then you are in lighting and in health, and those don't have a lot to do with each other.
Frans van Houten
Health
You
Mind
Other
Back
Those
TV
Fine
Take
Lighting
Lot
Discussion
Get
Where
Then
Rid
Each
Portfolio
If we are going to get a grip on escalating costs, we have to focus more on prevention rather than acute care. Technology can help us do that.
Frans van Houten
Technology
Care
Focus
Rather
More
Costs
Prevention
Escalating
Than
Get
Going
Grip
Us
Help
Acute
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