The company, which has already phased out its exposure to consumer electronics like television, is now sharpening its focus on three key areas: lighting, medical devices, and consumer lifestyle.
Global giant Philips is trying a new road in India. As intense competition heats up the consumer electronics space, the electronics major is now shifting gears and venturing into developing cost-effective products here in the country.
As it completes over 80 yrs in India, Dutch electronics giant Philips is now setting the agenda for its next leg of growth in the subcontinent. The company, which has already phased out its exposure to consumer electronics like television, is now sharpening its focus on three key areas: lighting, medical devices, and consumer lifestyle.
Philip's latest products in India include cutting edge healthcare innovations like pocket-sized ECG and ultrasound machines. These made-in-India products will be exported to other growth markets at a later stage.
Krishna Kumar Ananthasubramaniam, vice chairperson & managing director, Philips India, says, "All growth geographies face similar issues so most products developed in India if for India to start with but will be rolled out to the other geographies as well."
To keep these locally-relevant innovations affordable for emerging markets -Philips has turned to acquisitions having made atleast three strategic acquisitions in as many years.
Jim Andrew, Chief Strategy & Innovation Officer, Philips, says, "If we are going to be a success in India we have to be affordable; that's why we have made these acquisitions, we have localized."
Furthermore, in its innovation centre in Bangalore, Philips is concentrating on developing products which are energy savers as well, all to add to the affordability factor.
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