Philips continues to solidify its position as a global leader in health technology, achieving notable business and innovation milestones in 2024.
The company expanded its global footprint, forming key partnerships in Portugal, the UK, and the US, while prioritising sustainability, efficiency, and accessibility. These accomplishments were highlighted in Philips’ Annual Report, released on 21 February 2025.
Pioneering Sustainable Healthcare Solutions
Philips’ efforts towards sustainability and innovation saw tangible results in 2024, impacting 1.96 billion lives, progressing towards its 2.5 billion target by 2030. 24% of total sales now come from circular revenue, reflecting its business-driven sustainability.
Additionally, 100% of new product introductions achieved EcoDesign status, ensuring high energy efficiency and material optimisation. Innovations like helium-free MRI technology and energy-efficient imaging solutions continue to advance sustainable healthcare and improve hospital efficiency.
Recognition for Corporate Excellence
Philips was named one of Forbes’ World’s Best Employers for the sixth consecutive year, reaffirming its focus on fair hiring, strong talent retention, and equal opportunity.
The company also strengthened its ESG (Environmental, Social, and Governance) reporting to align with market expectations and the EU’s Corporate Sustainability Reporting Directive. Internally, Philips focused on leadership development, engaging 3,000 people leaders to align with the company’s purpose, strategy, and culture.
Advancing Private-Sector Innovation in Healthcare
Driving Efficiency and Cost Savings in Medical Technology
Philips’ helium-free MRI technology eliminates the need for scarce resources, lowering operational costs and ensuring accessibility. PowerSave+ mode optimises energy use by switching MRI scanners to standby after 30 minutes of inactivity. Since introducing BlueSeal magnet technology in 2018, Philips has saved over 2.75 million litres of helium, reinforcing the sustainability of its imaging solutions. The company also expanded its portfolio of compact, energy-efficient healthcare technologies, improving global access to advanced medical innovations.
Strengthening Product Sustainability for Consumers
Philips continued driving its circular economy strategy with the expansion of Philips Refurb Edition in European markets, giving medical devices and personal health products a second life. Takeback systems for toothbrushes and shavers were also implemented, offering consumers sustainable choices while strengthening brand loyalty.
Reducing CO₂ Emissions Through Market-Driven Efficiency
The organisation made significant strides in reducing CO₂ emissions across its operations, leveraging efficiency improvements rather than relying on government mandates. Philips demonstrated leadership in sustainable sourcing, with 48% of supplier spending now allocated to partners with science-based climate targets, ensuring its supply chain aligns with its sustainability objectives.
Strategic Partnerships for Sustainable Healthcare Solutions
Philips formed strategic partnerships with key healthcare institutions, including:
- Champalimaud Foundation (Portugal): Philips’ imaging solutions reduced emissions by 24% per exam in radiology and nuclear medicine, demonstrating technology’s role in improving healthcare sustainability.
- County Durham and Darlington NHS Foundation Trust (UK): A joint initiative with Philips focused on optimising ICU care efficiency, leading to improved patient outcomes and lower operational costs.
- Vanderbilt University Medical Center (US): A study found imaging equipment accounts for over 50% of hospital radiology emissions, highlighting opportunities for innovation in energy efficiency.
These partnerships illustrate Philips’ commitment to driving sustainability and improving medical care globally.
A Future Built on Innovation and Sustainable Growth
Philips stays ahead in market-driven sustainability, focusing on efficiency and voluntary initiatives. The company has seen growth by integrating sustainability into its business strategy.
Marnix van Ginneken, member of Royal Philips’ Board of Management, said, “We are proud of the progress we made in 2024, executing our focused strategy to improve people’s health and well-being, creating sustainable long-term business value for all our stakeholders.”