Philips raises prices on products 3%

The recovery of the medical imaging market has prompted Philips Medical Systems to implement a 3% increase in prices for all its medical imaging systems, components, and services. The increase is effective immediately.

A Philips spokesperson said the company decided to raise prices to regain some of the ground lost in the past several years, when intense price pressures from customers forced the company to absorb lower prices and profit margins. Now that demand for imaging equipment has picked up again, Philips believes that the market can weather the price increase, the spokesperson said.