Philips' restructuring refocuses company on healthcare

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Royal Philips has divided into two companies — one focused on lighting solutions and one that combines its consumer and professional healthcare offerings into one company, called HealthTech.

By combining all its health-related offerings under one separate company, Philips aims to offer products that span the entire continuum of care. "The combination of our healthcare and consumer lifestyle portfolios and the integration of the data from the connected products on Philips' cloud-based digital health platform illustrate our opportunity to capture growth in an increasingly connected world, where societies are looking for more effective and lower cost health solutions," said Frans van Houten, CEO of Royal Philips.

Analysts see the move as Philips turning its attention toward the burgeoning health IT industry. "It’s a bold move," said Marc Hesselink, an analyst at Amsterdam-based ABN Amro told Bloomberg. "It shows the company's focus on one point, healthcare."

More articles on the health IT market:

Privia Health raises $400M
Partners HealthCare, Sunquest partner to develop genomic information system
Cerner receives FTC approval for Siemens Health Services acquisition, on track to be finalized in 2015

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