The launch witnessed a total of 6 products including VISIQ ultrasound system, Mobile Obstetrical Monitoring (MOM), IntelliSpace Consultative Critical Care, Air Purifier, and Solar DC Grid.

"If we don't deliver superior value to customer then we are not going to be relevant and not have a reason to exist. We want to help 3 billion people by 2015. We have been here for 123 years and we want to be for another 100 years. We want to develop locally relevant products on global platforms," opined Mr Jim Andrew, executive VP, chief strategy & innovation officer, Royal Philips.

According to Philips, whose sales revenue for 2013 touched €23.3 billion, said that all the six innovations were exclusively developed at PIC for India and other similar markets.

"Global footprint is our key strategy, that is, to be present where our customers are. We believe in being with people that know the market and can innovate. Our second biggest innovation labs is in China. Every business in the world is people-business. We are always looking for best people. This global sense of excellence allow us to access the best people in the world, making us to be a best place to work," elucidated Mr Andrew.

The PIC was established in 1996 primarily as a software development center. But later it metamorphosed in to a broad product development and a global center of excellence for digital innovation.

Currently, the company has 59 innovation R&D centers around the world, out of which 13 are located in Asia and 22 in North America.

Mr Andrew further noted that, "The key differentiator of Philips is its global presence with local relevance. Serving customers takes place at a very local level. Solutions that work in major metropolises cannot work in other places in India. We do not innovate for the sake of innovation. We put strategy and innovation together ensuring they are linked. Global footprint is our key strategy, that is, to be present where our customer are."

Mr Krishna Kumar Ananthasubramanian, vice chairman & managing director, Philips India, in his presentation said, "Philips in India is about 83 years old. Our main sectors are healthcare, lighting and consumer lifestyle products."

Commenting on the tackling of current challenges faced by India, he added, "The first challenge that we are taking on is India needs more energy efficient lighting. Secondly, India needs more, affordable and accessible healthcare, along with awareness among patients and physicians to be able to stay current with the technology."