Philips Foundation 2023 Annual Report: unlocking quality medical services for over 28 million people in underserved communities

May 21, 2024

• Progress towards Philips Foundation’s 2030 target of 100 million lives improved in underserved communities each year
• 17 new initiatives with strategic partners and 4 new investments in health tech enterprises that leverage Philips' expertise in early screening and diagnosis
• Strategy focused on building local ecosystems that provide reliable, sustainable solutions to healthcare delivery issues in underserved communities

Amsterdam, the Netherlands – Philips Foundation, with its mission to provide access to quality healthcare for 100 million people a year in underserved communities by 2030, today announced the publication of its 2023 Annual Report. Philips Foundation and its partners provided access to quality healthcare for over 28 million people in 2023 – an increase demonstrating the foundation’s progress towards its 2030 target.

The consolidated report of Philips Foundation and its social impact investment vehicle, Philips Foundation Impact Investments B.V., showcases 22 ongoing and new initiatives executed in 2023 in partnership with NGOs, government entities, universities, and social enterprises. The new projects leveraging Philips’ expertise in healthcare technology and the new investments in innovative, high-impact health tech enterprises, show Philips Foundation’s commitment to improving access to healthcare for underserved communities.   

“As newly appointed Chair of the Board of Philips Foundation, I am honored to support the vital work of driving sustainable development in healthcare, and look forward to the team building on the significant contributions Philips Foundation and its partners have made over the years. We can all be truly proud of the improvements in people’s situations that we were able to accomplish in 2023,” said Marnix van Ginneken, Chair of the Board of Philips Foundation.

Philips Foundation continues to prioritize equitable access to mother and child health, non-communicable disease detection, and prevention, acute and emergency care services, and being the Philips platform for disaster response initiatives.

Building an ecosystem of innovative healthcare solutions
Central to Philips Foundation’s strategy is fostering collaboration to improve healthcare access in underserved areas, with an emphasis on early screening and diagnosis to reduce mortality and morbidity. In addition to collaboration with NGOs, universities, and government entities, Philips Foundation believes that, through a supportive ecosystem, community-based social enterprises can leverage digital innovations to lower costs while delivering quality care.

To that purpose, Philips Foundation’s social impact investment vehicle, Philips Foundation Impact Investments B.V., supported 13 social enterprises in 2023, creating an ecosystem to accelerate their growth and impact. In 2023, four investments were made in social enterprises, including three new investments and one follow-on investment. Additionally, Philips Foundation’s investments and network facilitated five co-investments.

“Social entrepreneurship goes beyond financial returns. It involves adding value for people and protection for the planet. Considering the challenging socio-economic conditions typical of underserved populations, we focus on the viability of our initiatives and their envisioned impact, helping create lasting access to medical services that people can rely on,” said Margot Cooijmans, Director of Philips Foundation. “Looking forward, building an interconnected ecosystem of diverse organizations is essential to drive the innovation and collaboration needed to reach our goal of providing access to quality healthcare to 100 million people in underserved communities a year by 2030.”

To read the full Annual Report, click here.

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