AMSTERDAM (dpa-AFX) - Royal Philips (PHG, PHGFF.PK, PHIA.AS, PHI1.DE, 1PHIA.MI, PHIA.F), a Dutch health technology company, on Thursday announced a seven-year strategic alliance with WellSpan Health to advance research, innovation, and the deployment of imaging and diagnostic technologies across the health system.
The financial terms were not disclosed.
Under the agreement, WellSpan and Philips will also co-develop new healthcare products and features, drawing on Philips' research and development pipeline.
In addition, Philips will become WellSpan's preferred vendor for imaging modalities including CT, MRI, digital X-ray, ultrasound, and image-guided therapy systems.
The commercial agreement covers all 12 WellSpan hospitals, diagnostic imaging centers, and ambulatory surgery centers, and includes a coordinated framework for equipment lifecycle management, service, training, and technology upgrades.
The collaboration includes a research agreement and joint innovation strategy to evaluate artificial intelligence and digital health tools designed to improve workflow efficiency, throughput, and costs.
On Wednesday, Philips closed trading 0.31% lesser at $25.35 on the New York Stock Exchange.
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