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Royal Philips Says It Did Not Hike Prices Of Products

Royal Philips (PHG), on Friday announced that it has not hiked prices of its products to benefit from the current coronavirus crisis situation.

In a response to a report from the U.S. House of Representatives Subcommittee on Economic and Consumer Policy, the company said it do not recognize the conclusions of subcommittee's report and did not raised prices to benefit from the crisis situation.

"Philips is supporting healthcare providers in the U.S. and globally to combat the COVID-19 pandemic," said Frans van Houten, CEO of Royal Philips. "We have been transparent about our production ramp up plans, pricing and allocation policies. We have cooperated and delivered the requested information to the subcommittee."

"We do not recognize the conclusions in the subcommittee's report, and we believe that not all the information that we provided has been reflected in the report. I would like to make clear that at no occasion, Philips has raised prices to benefit from the crisis situation. Philips is proud to make its contribution to combatting the pandemic through its acute patient care and diagnostic products."

In April, 2020, Philips received a letter from the subcommittee, requesting information about Philips' hospital ventilator activities in connection with the contracts for the delivery of 10,000 Trilogy Universal ventilators and 43,000 EV300 ventilators to the U.S. Department of Health and Human Services.

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