Philips (NYSE: PHG) and Medtronic (NYSE: MDT) today announced an expansion of their longstanding partnership with a new multi-year agreement.
The two medtech giants aim to expand access to advanced patient monitoring technologies to deliver high-quality care. Their collaboration dates back to 1992 and the companies say the next phase “reflects both companies’ shared commitment to providing comprehensive and validated monitoring solutions that support better patient outcomes.” This partnership follows a stroke advocacy collaboration inked last fall.
Philips said in a news release that the companies hope to integrate proven, next-generation monitoring systems and consumables into a streamlined offering. The Amsterdam-based company’s current monitoring systems already incorporate Medtronic’s leading brands. Those include Nellcor pulse oximetry, Microstream capnography and BIS brain monitoring.
Under the new agreement, Philips plans to bundle essential supplies, like ECG, NIBP and batteries, into their paired monitors. The companies hope to streamline procurement and deliver a validated solution. They hope to minimize the complexity of managing multiple contracts within the same monitoring category.
Initially, Philips and Medtronic aim to focus on the North American market before expanding globally.
Philips said it intends to ensure clinical validation, cybersecurity and frontline readiness for all technologies integrated in the partnership. With Medtronic, it believes the approach provides flexible technology solutions meeting healthcare professionals’ evolving needs.
“Philips is passionate about equipping clinicians with the tools they need to provide better care to more patients,” said Sachin Chaudhari, GM of clinical applications and devices for Hospital Patient Monitoring at Philips. “Through our partnership with Medtronic, we’re providing a comprehensive monitoring solution that is validated throughout all stages, giving clinicians access to the reliable, high-quality products they need to do their jobs.”
