Philips Inks 5-Year Extension Agreement with OpenMarkets to Deepen the Ability of Providers to Research, Budget, and Approve Equipment Online

Philips Healthcare, a leading health technology company, has extended its partnership with OpenMarkets. The five-year agreement will create a better product research and capital budgeting experience for hundreds of hospitals and clinics using OpenMarkets by improving the depth and quality of insight into Philips' solutions and providing a communication channel for all.


"Having Philips Healthcare as an active supplier in the OpenMarkets community makes it so much easier for us to operate," says Luke Martin, Administrative Director for Supply Chain Management at Shannon Health System in San Angelo, TX. "Our capital equipment process runs exclusively through OpenMarkets. Having Philips products and sales reps information available 24/7 is so important to our efficiency gains within the platform. Equipment requestors have the right info, at the right time, and improved, controlled access to Philips. It's a win for everyone."


Philips is one of twenty-one large equipment manufacturers, and 100+ total suppliers, contributing accurate, up-to-date product insight on the OpenMarkets platform.

In today's rapidly evolving healthcare supply chain, this allows Philips to gain access to providers in the digital environments they are increasingly adopting. Research from the Healthcare Information and Management Systems Society (HIMSS) and Google shows that 94% of healthcare equipment buyers research products online, 90% identify suppliers online and 82% compare products online (report details). Furthermore, research from L.E.K. Consulting in 2020 shows that 43% of healthcare providers would like manufacturers to "expand access/offerings on large purchase exchanges" – like OpenMarkets.


"Hospitals are in a rush to expand points of access for products, specification, and sales communications. Philips, like many other medtechs, are committed to meeting their buyers where they are and being "easy-to-work-with." OpenMarkets is thrilled to be such an important conduit to these long-term strategic partnerships," stated Trevor Wood, CEO at OpenMarkets.



About OpenMarkets: 

OpenMarkets is the leading platform for buying, selling, and managing healthcare equipment procurement. Hundreds of hospitals and equipment suppliers use OpenMarkets to work together, better, in the $30BN healthcare equipment market.

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Tom Derrick
Tom Derrick

Senior Vice President

Arrowhead Medical’s Highly Trained Clinical Staff Has One Goal in Mind