How to tackle these growing global health issues is just one of the challenges that innovative companies are trying to address today by investing in innovation that delivers real meaning to the customer. Often, alongside new products, this involves devising entirely new systems and services to improve people's lives and tackle the big societal challenges of our age.
For Philips Chief Executive Officer Frans van Houten, those global healthcare challenges are threefold. The first is that the global population is growing and urbanizing. By 2050, there will be nine billion of us, two thirds of whom will live in cities, rising to 80% in Europe.