As a focused leader in health technology, Philips has a clear vision:
Their goal is to improve the lives of three billion people a year by 2030. One of the mainstays of the Philips Sustainability programme is the sustainable use of materials. The journey to a circular economy is a key part of that.
The circular economy is a key driver of innovation and business value creation. Philips is adopting innovative business models and maximising the lifetime value of their products and solutions. Circular business models – such as offering customers access to, rather than ownership of products – not only make it easier to engage and retain customers, they also open up new opportunities for growth and cost savings, reduce resource risk, and facilitate smart asset management.
Read the Philips case study Pioneering circularity in the healthcare industry
Philips is working closely with the Foundation across these focus areas:
Build competencies to enable leaders and employees to help make Philips a leader in sustainable health technology
Integrate the circular economy in business operations and daily way of working, create the framework that enables them to drive the transition to a circular economy, and consistently measure progress towards set targets
For a sustainable world, the transition from a linear to a circular economy is essential. A circular economy requires innovation in the areas of material, component and product reuse, as well as related business models. By using materials more effectively, economic growth will eventually be decoupled from the use of natural resources and ecosystems. In such an economy, the lower use of raw materials allows us to create more value.
Frans Van Houten, CEO at Philips