HHS Bails Out Of Contract With Royal Philips To Make Ventilators
Executive Summary
The US HHS has partially terminated a deal it made in April with Philips to manufacture 43,000 medical ventilators. The contract had been worth a whopping $646.7m.
You may also be interested in...
Philips Previews Five-Year Plan As Connected Care Returns Group To Growth In Q3
COVID-19 business volatility continues to impact the medtech industry, but Royal Philips is targeting modest comparable sales growth for 2020 after posting quarterly growth of 10%.
US House Oversight Subpanel Blames Trump Admin For Overpayments, Delays, Of Philips Ventilators
A new House subcommittee report – based on documentation from Philips – says the Trump administration fumbled ventilator contracts with the company, leading to delays and overpayments of roughly half a billion dollars.
Philips Sales Slide In Q2 But COVID-19 Drives Growth In Connected Care
Philips reported $4.97bn in sales for the second quarter of 2020, a 6% decline compared to the second quarter of last year. While the pandemic slowed down demand across the business, Philips connected care business increased by 14% due to demand for respiratory devices.