Tyler Suiters:
Hey everybody, we're the Consumer Technology Association, I'm Tyler Suiters. We are the owners and producers of ÓÀÐǶij¡, the most influential tech event in the world. And we are here to help you get ÓÀÐǶij¡ ready. The show is January 11th through the 14th, 2021, and it will be all digital show, a first for ÓÀÐǶij¡.
Tyler Suiters:
Still, ÓÀÐǶij¡ 2021 will, as always, help exhibitors connect with existing and new audiences from all around the world. You'll get a new immersive experience at this show, a front row seat to discover and see the latest tech, and a highly personalized journey, bringing a global event to the comfort, and maybe most importantly, the safety of your own home or office. You know the key topics: smart cities, resilience, applications of artificial intelligence, vehicle tech, 5G, and today's focus, digital health.
Tyler Suiters:
We're talking to Philips, who is working to unlock insights that lead to innovative solutions that enable better care at lower cost. This is a significant value to consumers and patients and caregivers as well. And Phillip's goal is to empower patients to take control of their healthcare. Now at ÓÀÐǶij¡ 2020, Philips had several digital health announcements, including sleep technology as one key ingredient. Today, a conversation with Philips, a digital health leader around the world and the chief business leader for personal health. That's all on today's edition of ÓÀÐǶij¡ Tech Talk.
Tyler Suiters:
Joining us today is Deeptha Khanna. She is Executive Vice President and Chief Business Leader Personal Health with Philips. And Deeptha, great to have you with us from Amsterdam today. How are you?
Deeptha Khanna:
I'm very well, thank you, Tyler. It's great to be with you.
Tyler Suiters:
Well what an exciting time to be talking about digital health right now. And I want to start by setting some of our recent research at the Consumer Technology Association, that three-quarters of the experts in this field, and we're talking about payers, clinicians, healthcare, administrators, they agree that technology is very effective in helping health systems shift to a value-based healthcare model. And that's the official wording of the question that was asked. But I think that shows a general enthusiasm for the acceptance, the potential for digital health. So Deeptha, let's start off by talking about your scope at Philips, and really what has you most excited at this time.
Deeptha Khanna:
Thanks, Tyler. I mean you're absolutely right about the environment we're in. It's unmissable, whether you're a consumer or a professional in an industry like mine, to see the genuine surge of interest in personal health and in consumers wanting to take control of their own health and the acceptance of technology as an enabler in all things. Now you asked me about my scope and what brought me to Philips, just to quickly introduce myself. I've spent many years in the consumer products and consumer health industry and Philips called me earlier this year. And when they did, it really felt like it was meant to be, this is a brand that I've grown up with in India. So deeply iconic, very well respected. It's a company that, as a professional in the consumer space, we had a tremendous amount of respect for their pedigree and innovation and technology and real human impact.
Deeptha Khanna:
And so the more I discovered the journey that we're on with Philips, in terms of really a serious intent to transform health for humanity and across our quadruple aim, as we call it, where we want to improve patient outcomes, improve experiences, and deliver a more affordable cost, it really felt like this is something that called to me and it's a journey I was very pleased to be part of. As I joined Philips, in my portfolio in personal health, it truly is some very special categories that are all deeply personal, as the name suggests, we have a business in oral healthcare with power toothbrushes and a rapidly expanding portfolio. We have male grooming, we have beauty as well as mother and childcare where we support parents through pregnancy all the way through the first 1,000 days of the baby's life. So, that's the portfolio.
Tyler Suiters:
So one of the focuses we've seen throughout the pandemic is on caregivers and those at home. The pandemic clearly a global tragedy, it's affected all of us in a number of ways, but it's also created additional systemic pressure on what is an already overburdened healthcare system and providing the best care possible to people in the situation, that is spurring a lot of innovation and I think motivation to tackle challenges across the board, but especially in the area of tele-health. So the Consumer Technology Association has a number of companies, including Philips, involved in a new initiative around digital healthcare and telemedicine, and as companies are heading in this direction, what do you see as Phillip's role? What do you aspire to do?
Deeptha Khanna:
I mean, the first thing I would start by saying is everyone around the world and all of us continue to deal with COVID, it is just an unprecedented event and our heart goes out to all of those that are impacted. As you rightly pointed out, Philips takes great pride in our leadership position as a health tech company to go the extra mile. And only [inaudible 00:05:45] when we confronted the events that were unfolding, we really came out with a very purposeful approach that we called the triple duty of care. And what that means is the first and foremost thing that we, and I'm sure all employers feel responsible for, is ensuring the health and safety of our employees. And that was a vital mission, we continue to abide by that. The second was to continue to fulfill critical customer needs and then thirdly, really to ensure business continuity.
Deeptha Khanna:
So, as we looked at that, we also recognized that we had a great portfolio of products, services, and solutions that do help address many needs, whether it's in response and recovery or in preparation, especially the very infectious respiratory disease that COVID is. And we did a number of things immediately. We stepped up the production of our ventilators and patient monitors for critical care. We also really saw a rise of consumer demand in the space of air purifiers and so we accelerated our production and ability to service that need. And what I'm also very proud of is the Philips Foundation of every supplied healthcare equipment to several heavy hit regions around the world. So really stepping up to be a leader in servicing the opportunity and the need in the space is something that Philips has done very well.
Tyler Suiters:
I'm curious Deeptha that when you say that you stepped up to meet the opportunity that catches my ear, because we've heard so many CEOs and business leaders inside and outside of the technology industry, talking about the challenge that the global pandemic presents, but also the opportunities that are there, the doors that are opening, I think specifically within digital health, the rapid acceleration and adoption of a number of key technologies or consumer acceptance of that. So with that in mind, how are you evolving at Philips amid the pandemic? Where is this taking your company, both in the shorter term, to get us through the pandemic, but also the more lasting effects about the acceleration of innovation and adoption?
Deeptha Khanna:
Yeah, it's a great question. And I think, as you rightly said, what is happening in COVID is an acceleration of certain trends. That, to be honest, have been around for a few years, but are seeing a bit of an impetus and we in a business where we are solving consumer needs and patient needs need to always stay very close to those trends. So what we do see is everybody has a much deeper awareness of hygiene, is stepping that up. We're very aware of meeting to make our homes more and more healthy, especially, acutely, we all spend so much more time at home. So it's a real place where you want to be safe and want to feel healthy. I think there's a growing appreciation that health is very effective or even more effective when it is proactive and preventative rather than only in the treatment space and so we are more concerned about proactively managing our everyday health.
Deeptha Khanna:
We also recognize, even better, the interdependence between our own individual health and of the community. So I think there's a much stronger sense of social responsibility. And then of course, on top of all of these fundamental health insights, like you said, there is a tremendous acceleration of digitalization on all fronts. Whether it is online shopping or tele health, we increasingly really rely on the connected world we live in to be able to support us.
Deeptha Khanna:
So with these trends, certainly as Philips, we see an acceleration of the digitization of care and especially moving into the home setting. And we've actually been on that journey for quite a long time. And we've been pioneers in several areas of virtual care, telehealth and remote patient monitoring. So what we've done at this time is we do see, especially that in terms of being able to visit your care provider, there are inhibitors in place. And what Philips is able to do is we have a portfolio of devices, software, and services that really help identify and manage patients remotely. I know I'm giving you a slightly longer answer here, but to give you a few specific examples- [crosstalk 00:10:06]
Tyler Suiters:
No, no, it's great. It's great to hear the passion and enthusiasm Deeptha, please.
Deeptha Khanna:
No, that's great. So, I do want to call out a few things that I think especially are stepping up in this space, very close to the personal health portfolio. I would first and foremost call out the Pregnancy Plus and Baby Plus app platforms, which continue to be incredibly trusted and a very reliable source of information and [inaudible 00:10:31] community for tens of millions of parents worldwide. And we continue to see that accelerate through COVID.
Deeptha Khanna:
I'm also very pleased with our oral health care team over the Philips Sonicare brand is deeply trusted, not just by consumers, but also dental professionals. And we've been able to pioneer tele dentistry services that allow people to consult dentists remotely by sharing images through their smartphone and getting access to services.
Deeptha Khanna:
But also we have some great solutions across the Philips enterprise. We have a maternal partum patch system called Avalon, which continuously monitors maternal heart rate, fetal heart rate and uterine activity, and really supports maternal health at a very critical stage. We have biosensors that have allowed us to monitor people with chronic conditions, whether it's heart disease or cancer and others from the comfort of their homes. And we continue to also build out virtual care stations, which give patients access to clinicians in a very convenient setting, even if they don't have access to broadband and smartphone technology. So, Philips is really going out to be a pioneer and leader in this space and really value this opportunity to step up and serve consumers and patients as needed.
Tyler Suiters:
So I want to leverage your enthusiasm for a moment Deeptha, if you will, a little more CTA research I'd like to share. This is much more consumer based. Two notes: one is that among patients who use tele-health remote services for mental health before the pandemic kicked in, so before March 2020. CTAs research shows almost two thirds, 60% are now more likely to use those services afterward or since the pandemic began.
Tyler Suiters:
And the second is a little more into the broader sense of what digital health is and in-home fitness or health technology, same survey, more than half of consumers say they're more likely to use at home connected exercise equipment than before the pandemic. So only two data points, I want them to illustrate a point rather than demonstrate a trend necessarily, but there is evidence that the pandemic has really accelerated the embrace, the comfort level, the sense of value in digital health access for consumers. However that might be, whether it's access to physicians or simple consumer facing technologies. Where are you on that scale Deeptha in terms of the enthusiasm, not that you're embracing alone, but that you're seeing with consumers what you're seeing with your customers, the excitement, the acceptance of all that digital health has to offer?
Deeptha Khanna:
I think, as I illustrated with some of the examples we just spoke about, this is an area that Philips is absolutely committed to, and we see that embracing digital health and solutions is a vital part of frankly, the value proposition that is not only a requirement of consumers, but something that they now more and more expect as well and absolutely something that we see us getting into. And in terms of some of the things that we see on the horizon, we see a continued growth of awareness of our own health, which means you and, I don't know about you, but I can certainly speak for me that 10 years ago I did not know a concept of a microbiome, or the idea that our guts are actually homes of microbiomes or what a healthy gut might look like. But I think the whole process- [crosstalk 00:14:08]
Tyler Suiters:
I'm very much in that camp with you, Deeptha, no worries, you can speak for me there.
Deeptha Khanna:
There you go. So, I think we see that consumers and people are just going to be much more acutely aware of their own health and want to know more, measure more, understand more. We see that we will expect our homes to actually really support our health goals. You spoke about exactly the embrace of home fitness as a key indicator here, but yes, our homes that are safe spaces, and we will expect that to be something that supports our health goals.
Deeptha Khanna:
We get increasingly comfortable using smart devices as a way to truly learn and improve our own rituals and to almost be our own coach. And while again, talking here about digital health, to be honest, we see that trend accelerated in areas of even consumers taking care of themselves with daily rituals. We're very proud of, for instance, our grooming and beauty businesses, which encourage consumers to take care of themselves with some everyday rituals of grooming, shaving, et cetera, that might seem like it's a very basic requirement, but we actually see, even in those spaces, enhancing the proposition and the solution with coaching apps, with tools that help you get better value, whether it's in how you style, et cetera, there is an increase in adoption of consumers to those kinds of digital solutions.
Deeptha Khanna:
So for sure, we think that that trend is going to continue to accelerate, and we will also expect to be more connected to our care providers. So, your doctors and the professional ecosystem that surrounds you is available to you and more accessible than just the traditional ways of scheduling appointments every few months out.
Deeptha Khanna:
And finally, we will continue to see an escalation of the understanding of community health and how our health affects each other. So absolutely, I think we are all in on this and we absolutely believe we need to look at health very holistically and really understand the connections and the impact of all things. And if anything, the pandemic has certainly demonstrated our reliance on virtual care and how we engage and how we take care of preventative versus reactive care. In a nutshell, as you said, telemedicine, telehealth, it's here to stay, and Philips is absolutely planning to continue to invest in open standards, data sharing, and continue our commitment to telehealth solutions at scale.
Tyler Suiters:
Yeah, to your point about tele-health and the physician side of things, Deeptha, I mean, this is anecdotal only, but I've seen certainly a higher level of responsiveness from physicians during this because they have the tele-health option and the time that does not have to be invested in the in-person aspect, but that's a separate conversation most likely. One of the benefits of talking to an expert like you is the chance to look ahead five, ten years, maybe even further into the future when we're post pandemic, and we'll be there at some point as far off as it may seem right now, how do you see digital health evolving? What are the innovations that are on the horizon that you see either coming to fruition the soonest, or being the most meaningful once they do evolve, Deeptha?
Deeptha Khanna:
I think in the end, what would be most powerful is for me and for Philips, the way that I think about it is when all the evolution we see on digital health fundamentally drives impact. And I think the Philips way of articulating the impact to me remains very, very meaningful. We talk about an impact on the quadruple aim, which is really where we believe that our interventions and solutions should fundamentally support an improvement of health outcomes. That's number one, number two, it should deliver an improved patient experience. Number three, it should deliver an improved care provider experience because this is a partnership, healthcare is delivered through an ecosystem of care where the specialists and the solutions providers like us need to collaborate, to deliver value to the consumer and the patient, and then finally to improve the accessibility and the cost of care. So to me, if that is the vision that we want to work towards, and I would imagine that all the efforts we have underway in digital health will help us actually accomplish that. So that's what I look forward to.
Tyler Suiters:
Turning now to the much nearer future, short term, and we're talking about ÓÀÐǶij¡ 2021 coming up in January. We're excited to have Philips back with us for the show. How are you adapting to the all digital format for ÓÀÐǶij¡, it's different for all the exhibitors and companies involved, what is Philips tack and approach on that Deeptha?
Deeptha Khanna:
Well, look, we are very excited as always to participate in ÓÀÐǶij¡. It's been a great forum for us to meet people at the forefront of our industry. Like everybody else, we absolutely embrace the virtual format. And to be honest, we're now well accustomed to it in the way that we operate in all things, including this call with you, which of course is also virtual. And I think what we do look forward to is an opportunity to take a truly global approach and have a more inclusive participation in the event, across our teams, but also in our dialogues with the customers and others, which is something the virtual format actually enables, compared to the limitations of the physical format. So that's what we're looking forward to.
Tyler Suiters:
That's a great point about the opportunity to reach a global audience Deeptha at ÓÀÐǶij¡ 2021, hunting down that narrative, that story that Philips is sharing. What is it that you want to tell the world from Phillip's perspective at ÓÀÐǶij¡?
Deeptha Khanna:
I think a few messages that I would emphasize is we are right now continuing to live through the biggest human health crisis of a lifetime. And what I would say is that Philips believes in a partnership and believes that as an industry, we need to collectively stand up and support the needs of the time. What we are very pleased about is that we are doing our part in innovating for consumers, patients, and really people on all spectrums. And let's come together collectively to put healthcare in the held hands of people and deliver a positive human impact. That would be my key messages on that front.
Tyler Suiters:
Yeah, the encouragement and optimism, I think we could all use as we're trying to pull ourselves out of this pandemic. Deeptha Khanna is Executive Vice President and Chief Business Leader Personal Health at Philips and Deeptha, a pleasure to have you with us today to feel your energy and enthusiasm. And we're excited to see you virtually coming up at ÓÀÐǶij¡ 2021.
Deeptha Khanna:
I look forward public to that as well Tyler, thank you very much.
Tyler Suiters:
All right, that is a wrap for this edition of ÓÀÐǶij¡ Tech Talk. As you know, ÓÀÐǶij¡ transcends the traditional tech industry companies use ÓÀÐǶij¡ as a platform to show how they're embracing technology and evolving their business. Companies large and small have a platform at ÓÀÐǶij¡, and we want you to be ÓÀÐǶij¡ ready. So do yourself a favor, subscribe to the ÓÀÐǶij¡ Tech Talk podcast. That way you won't miss any episodes as we're gearing up for ÓÀÐǶij¡ 2021. Speaking of the show was January 11th through the 14th 2021. And big news, CTA is announced that Microsoft is its technology partner for the first ever all digital ÓÀÐǶij¡, exciting news, a reminder go to ÓÀÐǶij¡.tech and be on the lookout for more exciting news. Again, that address is ÓÀÐǶij¡ dot T-E-C-H. As always, nothing about this podcast would be remotely possible without the true stars of our show. Our Executive Producer, Jennifer Drogus, our Assistant Producer, Kristen Nemeroff and our Senior Studio Engineer, John Lindsey, you all are the best in the business. I'm Tyler Suiters, let's talk tech again soon.
