Philips, MIT partner in $25M deal to develop innovative med tech, lighting
Royal Philips ($PHG) and the Massachusetts Institute of Technology (MIT) have partnered in a 5-year research alliance with a $25 million budget to develop novel product solutions in healthcare and lighting.
As part of the deal, Philips will relocate its North American research center to Cambridge, MA, putting the MIT campus in close proximity to facilitate the collaborative work with faculty and PhD students.
|Henk van Houten|
"By moving to Cambridge and collaborating with MIT, its staff and its partners, Philips can work with some of the best minds in the world on healthcare delivery, looking at ways to better prevent, manage or treat common diseases across the health continuum," said Henk van Houten, Global Head of Philips Research, in a statement.
Joint teams will work on advancements in HealthTech, Philip's recently combined healthcare and consumer business. The deal is a part of the company's ongoing efforts to refocus itself on HealthTech. It's also in the process of spinning out or selling much of its lighting businesses.
Focus areas for Philips and MIT include the management of cardiovascular disease as well as the diagnosis and treatment of various types of cancer to improve patient outcomes while reducing costs.
The company will have access to the university's staff and students, as well as its clinical partners. The company plans to use the deal to explore the applications of population health management using patient-focused imaging, informatics and data analytics.
Philips is in the process of making a series of deals to further flesh out its HealthTech business, including the $1.2 billion acquisition of catheter-based imaging company Volcano as well as recent partnerships to create a series of innovations including a wearable COPD diagnostic device, a handheld to test for neuropsychiatric disorders and a brain wave app to help immobilized patients communicate.
"Working in close proximity, the Institute's researchers and experts at Philips will endeavor to develop new digital and health technologies that address key challenges in wellness and urban living," said MIT Associate Provost Karen Gleason in a statement. "Through industrial alliances like this one, we also hope to ramp up the speed with which we move new technologies from the lab to impact."
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