Philips announced an eight-year strategic partnership with NYU Langone Health to enhance patient care through innovation. Philips values the deal with NYU Langone, ranked the nation’s top academic medical center by Vizient, at up to $115 million. The company aims to offer new technologies for clinicians to collaborate in real-time. This extends to sharing pathology, […]
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Philips picks up funding from Gates Foundation for AI-powered maternal health ultrasound
Philips announced today that it received a second round of funding from the Bill & Melinda Gates Foundation for its ultrasound technology. The funding goes toward accelerating the global adoption of AI algorithms on the Philips Lumify handheld ultrasound system. Philips’ system utilizes AI to simplify key measurements to identify abnormalities during pregnancy. This can […]
Philips CEO Roy Jakobs reportedly approved continued sale of defective sleep respiratory devices
A new report from ProPublica and the Pittsburgh Post-Gazette claims to shed more light on the alleged role of Philips CEO Roy Jakobs in the ongoing Respironics recall. Philips has been handling a Class I recall of certain respiratory devices since mid-2021. Respironics recalled millions of ventilators, bi-level positive airway pressure (BiPAP) and continuous positive airway pressure (CPAP) machines. […]
ResMed is cutting its workforce as it seeks to refocus
ResMed announced that it is reducing its workforce by about 5% as part of a restructuring it plans to complete in the present quarter. The San Diego–based maker of CPAPs and other respiratory devices listed a headcount of 8,160 in its most recent annual report, which means roughly 400 workers could be affected. “Decisions like […]
PCI guidance tech from Philips delivers positive study results
Philips today announced study results supporting its instant wave-free ratio (iFR) in guiding percutaneous coronary intervention (PCI). Amsterdam-based Philips offers iFR as a pressure-derived index to assess coronary blockages during interventional procedures. iFR avoids the use of hyperemic agents — drugs that maximize blood flow but can impact the patient experience. Dr. Matthias Götberg presented […]
Philips stock rises on Q3 growth, increased 2023 outlook
Philips (NYSE:PHG) shares ticked up today on third-quarter results that came in ahead of the consensus forecast on Wall Street. Shares of PHG rose 2.8% at $18.77 apiece in late-morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — fell 0.14%. The Amsterdam-based company posted profits […]
Philips launches Visual Patient Avatar monitoring solution
Philips today announced the launch of its Visual Patient Avatar monitoring solution. Visual Patient Avatar conveys critical information about a patient’s condition through colors, movement and shapes, according to Philips. It all rests within an anesthesiologist’s or anesthetist’s peripheral field of view. Current operating room (OR) patient monitors display abundant patient data through vital signs […]
Judge grants preliminary approval to Philips class action settlement
A federal judge in Pennsylvania has granted preliminary approval to an economic loss settlement involving lawsuits filed against Philips over its massive recall of CPAPs and other respiratory devices. U.S. District Court Judge Joy Flowers Conti’s order, filed yesterday, could just be the beginning of settling what has arguably been one of the medical device […]
Philips takes steps to improve health monitoring, care coordination with open ecosystem
Philips today announced interoperability between its Philips Capsule and Philips Patient Information Center iX (PIC iX). Interoperability between the Capsule medical device information platform (MDIP) and PIC iX offers hospitals a first-of-its-kind, comprehensive patient overview. Philips aims to create an open patient monitoring ecosystem, bringing together disparate devices and systems on a single interface. In […]
FDA wants more testing in Philips recall
The FDA has issued a communication stating its desire for more testing in the massive respiratory device recall at Philips . The morning after the FDA’s evening announcement, PHG shares were down more than 7% on the NYSE to $18.31 apiece. PHIA shares in Amsterdam closed the day down more than 8%. (MassDevice’s MedTech 100 […]
Philips reportedly withheld CPAP problems from the FDA for years
Philips received the first complaints of degraded sound abatement foam in its respiratory devices in 2010, but 11 years passed before it turned into a major recall, according to a ProPublica and Pittsburgh Post-Gazette investigation published today. According to ProPublica, Philips withheld the vast majority of the warnings about black particles, dirt, dust and other […]