Philips boosts production in light of COVID-19 demands

By staff writers

March 24, 2020 -- Royal Philips, the parent company of Philips Healthcare, is increasing production of products used to help diagnose and manage COVID-19 cases.

Philips is ramping up production of hospital ventilators as a first priority, aiming to achieve a fourfold increase by the third quarter of 2020. The company plans to prioritize several other products relevant to addressing the pandemic, including CT, mobile x-ray, and ultrasound scanners, as well as various telehealth solutions for monitoring patients and connecting caregivers with patients at home.

In other news, Philips said it has now completed 50.3% of a 1.5 billion euro ($1.6 billion U.S.) share buyback program initiated in January 2019.

Copyright © 2020

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