Cambridge, Mass. – Royal Philips (NYSE: PHG, AEX: PHIA), a global leader in health technology, today announced that the company has earned a place on Boston Consulting Group’s (BCG) “The Most Innovative Companies 2020” ranking of the top 50 most innovative companies worldwide, moving up 6 spots from 2019. In its new 2020 position at number 23, Philips also ranks as the most innovative medtech company and is one of only 162 companies to have ever appeared on the list in its 14 years of publication.
BCG’s “The Most Innovative Companies” ranking is based on an algorithm that takes four factors into account—the first three of them based on a survey of 2,500 global innovation executives: global “mindshare,” industry peer view, industry disruption, and 3-year total shareholder return. The ranking is part of a larger BCG report: The Most Innovative Companies 2020: The Serial Innovation Imperative. Driving Philips’ innovation is its significant investment into research and development in the U.S. on everything from artificial intelligence to machine learning and virtual reality, to improve healthcare.