Philips Archives - Page 17 of 19 - Medical Design Sourcing

DTW Podcast Ep. 42 – How the pandemic has accelerated, slowed medtech innovation

The pandemic has accelerated innovation in many ways but the physical pressures on entrepreneurs, innovators and engineers is very real.

In this episode of the DeviceTalks Weekly Podcast, a panel representing early-stage and tech transfer efforts explain how they’re helping individuals and young companies work through the unique challenges of the time, including finding capital, working with corporates, understanding opportunities in a changing healthcare market, seeing the silver linings

Guests include

Jennifer McCaney, PhD,,co-executive director, UCLA Biodesign Jackie Mejia, PhD, director, gBeta Medtech Scott Morley, director, office of economic partnerships, University of Pittsburgh

This conversation is a condensed version of our Jan. 19 DeviceTalks Tuesday. Go to DeviceTalks.com to watch the entire on-demand presentation.

Co-host Chris Newmarker, executive editor of MassDevice, also shares his top 5 stories of the week, aka, #Newmarker…

Philips acquires Capsule Technologies and its medical device data tech

Royal Philips (NYSE:PHG) announced today that it agreed to acquire Capsule Technologies in a deal worth $635 million.

Andover, Mass.-based Capsule Technologies develops medical device integration and data technologies for hospitals and healthcare organizations. Its offerings include a medical device information platform for integration, vital signs monitoring and clinical surveillance services, according to a news release.

Capsule Technologies serves over 2,800 hospitals and healthcare organizations across 40 countries and, in 2020, the company pulled in sales of over $100 million, marking double-digit growth.

Amsterdam-based Philips said in the release that the acquisition fits into its strategy of transforming the delivery of care with integrated solutions as it adds to a portfolio that includes patient monitoring, therapeutics, telehealth, informatics and interoperability solutions.

In the $635 million deal, which is expected to be completed in…

DHS warns on Philips patient monitoring systems

Philips IntelliVue MX750

The U.S. Department of Homeland Security warned of several vulnerabilities in patient monitors made by Royal Philips (NYSE:PHG).

Amsterdam-based Philips’ Patient Information Center iX, PerformanceBridge Focal Point, IntelliVue Patient Monitors MX100, MX400-MX850 and MP2-MP90 and IntelliVue X2 and X3 were all listed among the affected equipment in a DHS release.

Potential vulnerabilities within those devices include improper neutralization of formula elements in a CSV file, cross-site scripting, improper authentication, improper check for certificate revocation, improper handling of length parameter inconsistency, improper validation of syntactic correctness of input, improper input validation and exposure of resource to wrong sphere.

According to DHS, these vulnerabilities can be exploited by those with low skill levels and, if done successfully, it could lead to …

Report: U.S. ventilator stockpile is full

Philips Trilogy EVO portable ventilator (Image courtesy of Philips)

The U.S. Dept. of Health and Human Services (HHS) is reportedly terminating more ventilator contracts as the national stockpile is full.

The Hill reported today that HHS is throwing out some of the contracts that totaled $3 billion as the U.S. government sought to supply as many ventilators as possible during the first surge of the COVID-19 pandemic.

This news follows a recent announcement from Royal Philips (NYSE:PHG) that it would not be supplying the remaining 30,700 ventilators it was slated to manufacture by December to the Strategic National Stockpile, with HHS canceling the contract after the Amsterdam-based company delivered 12,300 total bundled ventilator configurations supplied to the stockpile through August, falling in line with the stipulations of the contract.

HHS has not divulged details on any terms of their can…

MedTech 100 roundup: Industry reaches new heights again

The past month has seen a resurgence from medtech companies in the markets and last week saw the best performance yet.

MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — sat at 90.78 points at the end of last week (Aug. 28). Overall, medtech stocks saw a 1.3% increase from the 89.6-point total at the same time a week prior (Aug. 21).

While 90.78 points is already the highest total on which the index has ended a week during the COVID-19 pandemic, just the day before, the index hit 91 points even, marking the highest point total since the pandemic took its toll.

The most recent high mark represents just a -1.4% dip from the Feb. 19 high point of 92.32, while the tally at the end of the week marks a -1.7% decrease from that pre-pandemic high.

Meanwhile, the S&P 500 Index saw a 3.3% increase from Aug. 14 to Aug. 21, having steadily climbed since reaching record highs on Aug. 18. Meanwhile, the …

Philips ends ventilator distribution deal with HHS

Royal Philips (NYSE:PHG) announced today that the U.S. Dept. of Health and Human Servies partially terminated its ventilator manufacturing contract.

Amsterdam-based Philips received the termination notice from HHS after agreeing to a contract in April to deliver 43,000 bundled EV300 ventilator configurations to HHS through December 2020 amid the COVID-19 pandemic.

News of the contract termination follows a congressional report from July accusing the Trump administration of bungling plans to obtain ventilators early in the coronavirus pandemic, claiming that federal officials squandered more than $500 million in a contract with Philips.

The company will complete its deliveries for August, which will result in 12,300 total bundled ventilator configurations supplied to the Strategic National Stockpile, falling in line with the stipulations of the contract. The remaining 30,700 ventilators the company was contracted to manufacture will not be supplied to the…

Philips to acquire Intact Vascular for $275M

Royal Philips (NYSE:PHG) announced today that it agreed to acquire Intact Vascular in a deal worth approximately $275 million upfront.

Wayne, Pa.-based Intact Vascular makes the Tack specialized implantable device for treating peripheral artery disease (PAD). The Tack endovascular system reinforces standard and drug-coated balloon PAD treatment results as a first-of-its-kind, minimal-metal, dissection repair device for treating peripheral arterial dissections after balloon angioplasty in above-the-knee and below-the-knee interventions.

Tack leaves less metal behind when compared to stents, preserving future treatment options and limbs while also offering a solution for repairing dissections and optimizing post-angioplasty outcomes, according to a news release.

Philips’ acquisition is worth the $275 million upfront with deferred payments for which the company expects to recognize a provision of $85 million upon the completion of the transaction. Int…

Philips, Google, ResMed among companies joining digital therapeutics standards initiative

Major companies in the medtech space — including Philips, Google and ResMed — are among those joining the Consumer Technology Association’s new digital therapeutics standards initiative.

“With the COVID-19 pandemic, we are seeing faster innovation across all aspects of digital health including digital therapeutics,” said Gary Shapiro, CEO of the CTA.

“This field takes the application of technology beyond just wellness tracking. Companies are now developing solutions that can manage pain, allergies and even address mental health problems. As more people take control of their own health in the comfort and safety of their homes, we must understand what this technology means and how to advance its adoption,” Shapiro said in a news release posted yesterday.

Companies in the initiative include:

Activbody Akili Amalgam Rx Amptify AudioCardio Awarables Bose CareWear Doctor on Demand Ginger GlucoseZone by Fitscript Google Health HP Livongo MagicLeap Mi…

Report: Ventilators are piling up in government stockpiles

(Image courtesy of Ventec)

As the COVID-19 pandemic roars on, the government stockpile of once-in-demand ventilators has reportedly turned into a collection of unused devices.

The Washington Post reports that, following the panic caused by an anticipated ventilator shortage and subsequent rush to add to the stockpile after President Trump invoked the Defense Production Act, the approach to treating COVID-19 changed and continued efforts to produce ventilators may come too late.

According to the report, the U.S. Dept. of Health and Human Services (HHS) said it distributed 15,057 ventilators as of last Friday, with 95,713 ventilators remaining in the stockpile, among which 94,352 had come from contracts signed since the pandemic began.

When the pandemic began, ventilators were highly sought after, but, more than five months in, The Washington Post said medical experts claim intubation for COVID-1…

Philips launches Virtual Care Station pod

Royal Philips (NYSE:PHG) announced today that it launched its Virtual Care Station telehealth system for delivering virtual care services.

Virtual Care Station delivers care in convenient neighborhood locations, including retail settings, libraries, town halls and universities, according to a news release.

The pod-based system is designed to connect provider and insurance networks to allow healthcare providers and patients to have a local, community-based choice for care, offering access to virtual, face-to-face options. It features a camera, lighting and speakers and accommodates patients in wheelchairs or those with service dogs. Philips said in the release that it can be expanded in the future for uses like tele-dentistry, as well as in new technologies that limit touchpoints like contactless monitoring.

Amsterdam-based Philips developed the Virtual Care Station as part of its ATLAS (Accessing Telehealth through Local Area Stations) program for servic…

MedTech 100 roundup: Industry hits another mid-pandemic high

Despite a minor regression week-over-week, the medtech industry’s stocks hit another milestone as the COVID-19 rebound remains in progress.

MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — sat at 89.01 points at the end of last week (July 31). Overall, medtech stocks saw a -0.3% increase from the 89.29-point total at the same time a week prior (July 24).

On July 30, the index reached 90.37 points, marking its highest point since that pre-pandemic high, with the previous mid-pandemic high (90.11) coming last week.

The most recent high mark represents just a -2.1% dip from the Feb. 19 high point of 92.32, marking the smallest margin of decline over the past five months.

Meanwhile, the S&P 500 Index saw a 1.7% increase from July 24 to July 31, and the Dow Jones Index posted a -0.2% drop over the same period of time.

Medtech’s lowest point during the COVID-19 pandemic remains at …

More than $500m wasted on Philips ventilator contract, House report says

Philips Trilogy EVO portable ventilator (Image courtesy of Philips)

A Congressional report today accused the Trump administration of bungling plans to obtain ventilators early in the coronavirus pandemic and claimed that federal officials squandered more than $500 million in a contract with Philips (NYSE:PHG).

The House Subcommittee on Economic and Consumer Policy began an investigation in April into a federal contract with Philips to determine why the country lacked enough ventilators during the initial months of the coronavirus pandemic. According to the report:

The Obama administration contracted with Philips in 2014 to supply the nation’s stockpile with 10,000 ventilators by June 2019. That administration later gave Philips an extension through October 2019. Philips delayed delivery through 2017 and 2018, and the Trump administration mismanaged Philips’ repeated failures to meet contractual require…