Dutch diversified firm Philips has forayed into the home healthcare business in India by floating a new entity Philips Home Care Services. The wholly owned subsidiary of Philips India will focus on delivering both devices and medical services at the consumers' household.
As per Philips India disclosure to the Registrar of Companies (RoC), the company carried out a pilot study under 'Project Vijay' for operating the home healthcare business for over a year. The report said Philips will provide home healthcare treatment, diagnosis and care for ailments such as heart failure, respiratory disease, and post-surgical treatment, sleep disorder, kidney and cancer care.
As per CyberMedia Research, the market for home healthcare in India is projected to reach USD6.2 billion by 2020, growing at a CAGR of 18 percent from USD3.2-billion in 2016.
Philips India's sales declined to Rs 6,282 crore last fiscal from Rs 6,376 crore in 2014-15. The company's net profit too fell 6 percent to Rs 397.5 crore, as per its RoC disclosure.
While the Preethi brand is popular in south, Philips said it is expanding it pan-India through large retail chains and exporting it to countries with Indian Diaspora. The company is also expanding production of electronic personal care products such as hair straighteners in India.
