Philips Medical Systems, Cleveland Clinic Foundation form $50 million alliance

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Philips Medical Systems this week unveiled a long-term, $50 million strategic alliance with The Cleveland Clinic Foundation (CCF).

 Under the pact, Philips will become a preferred supplier for medical products and technologies for CCF's 12 hospitals and clinics nationwide, as well as a site to demonstrate Philips' imaging technologies. Philips also will use CCF's clinical expertise to conduct research-and-development in radiology and cardiology, relative to Philips product plans.

 The alliance will include a research program in which Philips and CCF will co-develop new clinical applications and patient care models that will help guide long-term product development for Philips in cardiology and radiology.