Philips and MEDSI, a leading provider of patient-centered quality care in Russia, will cooperate to achieve operational excellence at MEDSI's healthcare facilities. This new partnership goes beyond the traditional supply of innovative medical equipment and advanced technologies. It includes the access to Philips' international expertise in hospital management and the company’s conceptual understanding of hospital settings. The financial details of the partnership will not be disclosed.

The comprehensive multi-year partnership will provide MEDSI hospitals with guaranteed affordable access to the latest Philips healthcare equipment and technology, enabling MEDSI to focus on the delivery of high quality care. Philips will manage the technology and its operational performance, and provide performance management consultancy services in order to support enhanced quality of care. This business model will allow the hospitals involved to optimize their infrastructure management, patient flows and processes, and receive continuous training as well as regular system and software upgrades from Philips.

"Philips will be one of the first companies in Russia to manage such a large-scale project by providing a unified hospital solution that includes everything from design, equipment, service, patient flow management, clinical performance improvement and overall hospital management," said Peter Vullinghs. "We are extremely delighted to enter into this innovative partnership with MEDSI - the leading private healthcare provider in Russia and a very effective and dynamic organization."

"Signing of this cooperation agreement is an important step forward in MEDSI's business development and closely corresponds to our strategy of extending our clinical network and enhancing the quality of our medical services," said Alexey Chupin. "We have already achieved some good results towards this goal, and in partnership with Philips we believe we can do even more to turn our hospitals into high-tech medical institutions, where patients will receive high quality effective care based on early diagnostics in accordance with the best international quality standards."

Philips and MEDSI will cooperate in the areas of hospital renovation, full technical re-equipment of a MEDSI Clinical Hospital in Moscow's suburban area, and the building of a new clinical diagnostics center for children and adults, including a short-term in-patient hospital and children's clinical hospital. The partnership also extends to a multi-profile clinical diagnostics center for children and adults with a daytime in-patient hospital, which will be built as part of MEDSI's Clinical Hospital on Michurinsky Avenue, Moscow. It is envisaged that this complex will become a flagship hospital for the MEDSI network, showcasing the latest trends and conceptual ideas in organizing and operating a hospital.

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About Royal Philips
Royal Philips (NYSE: PHG, AEX: PHIA) is a diversified health and well-being company, focused on improving people’s lives through meaningful innovation in the areas of Healthcare, Consumer Lifestyle and Lighting. Headquartered in the Netherlands, Philips posted 2012 sales of EUR 24.8 billion and employs approximately 114,000 employees with sales and services in more than 100 countries. The company is a leader in cardiac care, acute care and home healthcare, energy efficient lighting solutions and new lighting applications, as well as male shaving and grooming and oral healthcare.

About MEDSI Group of Companies
The MEDSI Group of Companies is a leading national provider of medical and healthcare services in Moscow and other regions. Its network comprises 30 medical centers, of which 19 are in Moscow and the surrounding region and 11 in other parts of Russia. The Group's facilities include a clinical and diagnostic center at Belorusskaya, MEDSI International Clinic, two children's clinics and a network of fitness and wellness clubs.