As part of the agreement, Philips will deliver patient monitoring systems and clinical decision support applications that can be used to monitor a patient's vital signs including the respiratory rate, pulse, blood pressure and temperature.

"The deterioration of a patient's condition is often preceded by physiological changes that can be detected up to 24 hours before a serious event," said Håkan Skytt, Customer Manager at Philips Sweden. "Changes in a patient's vital signs are frequently an indication that the patient's condition is worsening and that there is an increased risk of complications. Constant monitoring of the vital signs will allow any subtle changes to be detected and addressed in a timely manner."

The new agreement further includes an innovation collaboration to jointly develop next-generation solutions for patient-centric care.

"For Philips, strategic partnerships with leading healthcare providers such as Karolinka University Hospital are an important and effective way to create innovative health technologies that can both streamline and enhance the delivery of care," said Johan Folkunger, General Manager of Philips' Health Systems businesses in Sweden.

Philips' patient monitoring systems can measure and collect a patient's vital signs and allow remote monitoring from a central workstation as well as bedside monitoring at an individual patient's bedside. The data can be readily accessed and used by the relevant staff for the adequate delivery of care. The collected data is stored centrally at the Karolinska University Hospital and can be used for the delivery of care, quality enhancement and clinical research.

The New Karolinska Solna University Hospital is currently being constructed and will be admitting the first patients in the fourth quarter of 2016. The majority of the construction work is expected to be finalized in the course of 2017 and the hospital is planned to be fully operational in 2018. Karolinska University Hospital is one of the world’s leading academic hospitals, and its new site will reinforce its position in the field of highly specialized medical care.

The New Karolinska Solna University Hospital will implement a patient-centric approach to healthcare and deploy care pathways in which patient care, clinical research and training have been integrated. This is fully in line with Philips' mission to develop meaningful innovations that make a difference for consumers, patients and healthcare providers.

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• Philips Healthcare's Profile

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 2015 sales of EUR 24.2 billion and employs approximately 104,000 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.