Philips has been ranked as number 23 in Boston Consulting Group’s worldwide 2020 ‘Top 50 Most Innovative Companies’ survey.
This year’s position, which is six spots higher than where the company placed in 2019, makes Philips the highest ranked medtech company on the list, and places the organisation amongst one of only 162 companies to have ever appeared on the list in its 14 years of publication.
The ranking is based on an algorithm that takes four factors into account. The first three are based on a survey of 2,500 global innovation executives - global “mindshare,” industry peer view and industry disruption. The fourth factor considered is three-year total shareholder return.
Jeroen Tas, chief innovation and strategy officer and member of the executive committee at Royal Philips, said: “Innovation is only relevant if it continues to deliver value for our customers and consumers. It is part of our DNA and we are proud we have again made significant steps up into the top 25.”