Dutch healthcare equipment giant Philips to invest up to $40 mil. in India production, R&D: report

14, May. 2020

Photo by National Cancer Institute on Unsplash
Photo by National Cancer Institute on Unsplash

NEW DELHI, NNA – Dutch healthcare equipment and electronics giant Philips will invest 2.5 billion to 3 billion rupees ($33 million to $40 million) in India for manufacturing and research and development, a news report said Tuesday.

Philips India Ltd., a subsidiary of Amsterdam-based Koninklijke Philips N.V. (Royal Philips), will expand its factory in the outskirts of Pune in the western state of Maharashtra by 670 square meters to begin production of magnetic resonance imaging and X-ray testing equipment, The Economic Times online reported.

The company will build a 6,038 sq meter R&D hub, as well. It will accommodate at least 5,000 employees in Bengaluru, southern India, and begin operations by 2023. The subsidiary now employs about 6,000 workers and plans to hire 1,000 more over the next few years, according to the report.

Philips India is ready to enter more public-private partnerships in response to growing demand for technology that allows sharing of medical information –- a result of the coronavirus spread this year. Philips has 100 such partnerships now in India in radiology and cardiology and aims to reach 200 over the next year, the media outlet said.

Multiple state governments in India are talking to Philips about combining medical equipment such as monitors and artificial respirators with patient monitoring to enable remote medical care, according to the report, citing Daniel Mazon, vice chairman and managing director for Indian subcontinent at Philips India.