Philips’ Transformation into a Healthcare-Focused Company: The Role of 3D Printing
In recent years, Philips has undergone a remarkable transformation from a conglomerate to a healthcare-focused company. This shift in direction has not gone unnoticed, catching the attention of the Italian Agnelli family, who recently invested $2.84 billion in the company. With a strong focus on healthcare and a history of success in the industry, Philips is poised for further growth and innovation. One area that holds great potential for the company is 3D printing.
The Agnelli family, known for their ownership of Ferrari, a company renowned for its use of 3D printing in Formula 1 innovation, sees the value in Philips’ focus on healthcare and its expertise in 3D printing. Philips has extensive experience with 3D printing through its Signify lighting business, and this has translated well into the healthcare industry.
One key player in Philips’ healthcare strategy is Dr. Atul Gupta, the Chief Medical Officer (CMO) of the company. Dr. Gupta leads the management team for Image Guided Therapy (IGT) at Philips, overseeing clinical strategy, product development, and support systems. His vision, in alignment with Philips’ global strategy, is to improve the health outcomes for 2.5 billion people by 2030.
In the medical field, radiologists rely on advanced imaging tools to diagnose and treat diseases and injuries. 3D modeling has proven to enhance radiologists’ ability to review complex medical cases, enabling improved quality and personalization of treatment. Recognizing the potential of 3D printing in this field, Philips has partnered with 3D Systems and Stratasys to create models that visualize the effects of diseases on the human body.
Philips’ collaboration with Stratasys has resulted in the development of unique PolyJet-based, full-color, multi-material 3D printers that enable medical professionals to innovate and provide superior levels of patient care. With this technology, customers can design, order, and produce 3D printed anatomical structures on-demand. Furthermore, Philips’ IntelliSpace Portal 10 platform allows clinicians to render and edit anatomical models and transfer the files to 3D vendors seamlessly.
The US Food and Drug Administration (FDA) has recognized the potential of 3D imaging and visualization in the medical field. In 2021, the FDA granted 510(k) clearance to Philips’ SmartCT application software, a key component of its Image Guided Therapy System-Azurion. This software provides clinicians with CT-like 3D images, enhancing various medical interventions including angiography, neurology, soft-tissue imaging, and catheter navigation. Additionally, Philips’ Ingenia Elition 3.0T MR device has received FDA clearance, enabling physicians to perform exams more efficiently and increase diagnostic confidence.
The investment by the Agnelli family in Philips is facilitated through their investment vehicle, Exor. Exor has a diversified portfolio and owns 14.5% of the auto industry leader, Stellantis. This ownership allows Philips to leverage the 3D printing advancements at Stellantis and apply them to the medical field. This synergy between the two companies opens up new possibilities for innovation and growth.
From a financial standpoint, 3D printing activities can also benefit companies like Philips. The Research and Development (R&D) Tax Credit, a permanent tax incentive, is available for companies engaged in developing new or improved products, processes, and software. Wages for technical employees involved in creating, testing, and revising 3D printed prototypes can be included as a percentage of eligible time for the R&D Tax Credit. Similarly, time spent integrating 3D printing hardware and software to improve processes is also eligible.
In conclusion, Philips’ transformation into a healthcare-focused company has positioned it for success in the medical field. The company’s engagement in 3D printing activities, combined with its extensive experience and partnerships, opens up new possibilities for innovation and improved patient care. With the support of the Agnelli family and the ability to leverage the advancements at Stellantis, Philips is well-equipped to achieve its vision of improving the health outcomes of 2.5 billion people by 2030.
Unlocking R&D Tax Credits with 3D Printing
In today’s fast-paced business world, innovation is the key to staying ahead of the competition. Companies that invest in research and development (R&D) activities are often rewarded with tax credits to encourage further advancement. One such technology that has revolutionized the R&D landscape is 3D printing.
Traditionally, R&D activities involved a significant financial burden, with costs associated with designing and creating prototypes eating into budgets. However, with the advent of 3D printing, these expenses can now be recovered, making it a valuable tool for companies seeking R&D tax credits.
The versatility of 3D printing is what sets it apart. Its applicability spans across different stages of product development, from modeling and preproduction to final production. This means that companies can utilize 3D printing throughout their entire R&D process, signaling to the authorities that eligible activities are indeed taking place.
Take, for example, the case of Philips and its affiliates. By implementing 3D printing, they were able to streamline their operations and focus on their core business: product design and volume manufacturing. This shift in strategy allowed Philips to fully leverage the benefits of 3D printing and support a broader application of this technology.
Not only does 3D printing offer efficiency and cost savings, but it also enhances the speed at which companies can produce prototypes and test their ideas. This accelerated development process is highly regarded by the authorities when considering R&D tax credits. By utilizing 3D printing, companies can demonstrate their commitment to innovation and drive their chances of claiming these incentives.
Moreover, the costs of filaments consumed during the development process can be recouped as well. This further reduces the financial burden associated with R&D activities, making 3D printing an even more attractive option for eligible businesses.
In conclusion, the implementation of 3D printing is a game-changer when it comes to unlocking R&D tax credits. Its versatility, efficiency, and ability to enhance the development process make it a clear indicator of eligible R&D activities taking place. Whether it’s used for modeling, prototyping, or final production, 3D printing should be seriously considered by any company looking to take advantage of R&D tax credits.
So, if you’re ready to take your R&D activities to the next level and secure tax credits, take a step in the right direction by exploring the possibilities of 3D printing for your business. Your innovation and dedication to research and development will not only drive your company’s growth but also help you reap the rewards of R&D tax incentives.
“Why did the 3D printer go to therapy? Because it had too many layers of unresolved issues!”
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