Philips borrows to spend on research

CAMBRIDGE, UK — Philips secured a EUR 200 million loan from the European Investment Bank to fund research and development activities across a range of innovative healthcare projects, including image-guided intervention and home healthcare, in Europe.

The 10 year loan, provided under the Risk-Sharing Finance Facility (RSFF) will be used as part of Philips’ planned research and development investment in healthcare activities in Corporate Technologies.

These R&D activities will be focussed on healthcare solutions such as image-guided intervention and therapy, home healthcare, and clinical decision support systems.

The research will take place in an open innovation environment, collaborating with small and medium enterprises (SME), research institutes and universities across Europe.

Philips is the first company to receive EIB funding as a result of its efforts to fuel open innovation.

Simon Brooks, European Investment Bank Vice-President responsible for activities in the Netherlands stated that “The EIB looks forward to working closely with Philips, and indirectly with Medtech SMEs around Europe, to enable exciting healthcare research which leads to next-generation technologies and innovative clinical applications.

This recognizes Philips’ long-standing commitment to open innovation which has been instrumental, with the help of many of its R&D partners, to turn the Eindhoven region into a leading European science and technology hub.

EIB’s Risk-Sharing Finance Facility is a EUR 10 billion facility, jointly developed by the European Commission and the EIB. It aims to stimulate research, development and innovation investment in European firms by providing long-term strategic financing for RDI’over the period 2007-2013.

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One Response to Philips borrows to spend on research

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