Philips Signs Research Agreement to Explore New Magnet Technologies

Rhea-AI Summary

Royal Philips (NYSE: PHG) has partnered with MagCorp to explore high-temperature superconducting MRI magnets that don't require helium cooling. This collaboration aims to enhance MRI accessibility and sustainability, potentially lowering costs while reducing environmental impact. The new technology could decrease the size and weight of MRI machines and expand patient access, especially in underserved areas. Philips has already introduced BlueSeal magnet technology, leading the market in helium-free MRI solutions. The partnership focuses on developing superconductors that operate at higher temperatures and are based on more abundant materials.

Positive

• Partnership with MagCorp enhances research in high-temperature superconducting MRI magnets.
• Potential to reduce MRI scanner size, weight, and costs, improving accessibility.
• Philips leads the market with BlueSeal helium-free MRI magnet technology.

Negative

• None.

• Collaboration with leading material scientists focuses on the use of high-temperature superconductors to make MR imaging more affordable, accessible and sustainable in the future
• Operating at higher temperatures and eliminating the use of liquid helium during both production and operation could reduce the size, weight and cost of MRI scanners, increasing accessibility across all patient communities and bringing advanced diagnostic imaging closer to a first line diagnostic tool
• Following the first-to-market introduction of BlueSeal, Philips leads the market in sealed (helium-free operations) MR magnet technology

CAMBRIDGE, Mass. & TALLAHASSEE, Fla.--(BUSINESS WIRE)-- Royal Philips (NYSE: PHG, AEX: PHIA), a global leader in health technology, has entered into a research partnership with U.S. magnet solutions provider MagCorp to explore superconducting magnets for MR scanners that do not require cooling to ultra-low temperatures (-452 °F or -269 °C) using liquid helium. Developing more sustainable alternatives to helium-cooled MRI magnets at a lower cost has the potential to offer significant benefits by making advanced MR imaging available to more patients in more diverse settings as well as potentially reducing radiology department capital and operating costs.

Patient benefit and sustainability

Operating at higher temperatures closer to ambient room temperature and eliminating liquid helium from both the production and operation of MRI scanners provides two major advantages. First, it decreases energy consumption required to sustain operation and reduces dependence on a finite and increasingly scarce natural resource, produced largely as a by-product of fossil-fuel (natural gas) extraction. Conventional MRI scanners often vent helium, which once released into the atmosphere escapes into outer space never to be seen again. Second, and just as important, it has the potential to reduce the size, weight and costs of MRI scanners. As a result, MRI’s superior diagnostic and functional imaging capabilities – notably its excellent soft-tissue imaging and absence of ionizing X-ray radiation – could be enjoyed by a larger number of patients, expanding access into underserved communities. The partnership between Philips and MagCorp is being launched to help realize these two major advantages.

“Florida State University’s MagLab, part of the U.S. National High Magnetic Field Laboratory, is home to many of the world’s leading researchers on novel superconducting materials that don’t require liquid helium temperatures to operate. Philips has decades of MR scanner design and development experience, including most recently the launch of the BlueSeal magnet technology,” said Josh Hilderbrand, Director, Head of MRI Magnet Research and Development at Philips. “Combining these resources with MagCorp’s research facilitation services will help leverage the latest technology to accelerate access and availability of MRI to more patients and healthcare providers.”

“MagCorp is proud of this partnership, which brings together Philips' game-changing BlueSeal magnet technology and the FSU MagLab’s unrivaled knowledge base about superconductors that can operate in a helium-free environment," said Jeff Whalen, Director of MagCorp. "Combining Philips' forward-thinking approach with FSU MagLab's scientists, who have a wealth of relevant expertise in the application of new superconductors, means Philips will be in the best position to develop innovations around this technology," Whalen said.

From helium-free in operation to helium-free end to end

With the introduction of its BlueSeal magnet technology in 2018, Philips already has a commercially available non-venting MRI scanner in widespread use that once charged with a small amount of helium (7 liters instead of a conventional scanner’s 1,500 liters) are sealed and operate without requiring additional helium for their entire operational life. Clinical MRI scanners that completely eliminate the need for helium are a clear direction for innovation in the long term. Using high-temperature superconductors supports a complete shift towards helium independence.

The research partnership will focus on characterizing and demonstrating the feasibility of appropriate superconducting materials capable of operating at higher temperatures than today’s niobium-based superconductors. In common with helium, niobium is also a scarce element, whereas some of the new materials being investigated by the research team are based on more abundant elements. In addition to basic materials research, the team will also investigate the steps needed to commercialize the materials, and the technologies needed to enable their use in future MRI scanners.

About Royal Philips

Royal Philips (NYSE: PHG, AEX: PHIA) is a leading health technology company focused on improving people's health and well-being, and enabling better outcomes across the health continuum – from healthy living and prevention, to diagnosis, treatment and home care. Philips leverages advanced technology and deep clinical and consumer insights to deliver integrated solutions. Headquartered in the Netherlands, the company is a leader in diagnostic imaging, image-guided therapy, patient monitoring and health informatics, as well as in consumer health and home care. Philips generated 2021 sales of EUR 17.2 billion and employs approximately 79,000 employees with sales and services in more than 100 countries. News about Philips can be found at www.philips.com/newscenter.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221130005204/en/

Avi Dines

Philips North America

Tel: 781-690-3814

Email: avi.dines@philips.com

Skip Foster

Hammerhead Communications

Email: skip@hammerhead.agency

Tel: 704-473-0531

Source: Royal Philips

FAQ

What is the purpose of the partnership between Philips and MagCorp?

The partnership focuses on developing high-temperature superconducting MRI magnets that eliminate the need for liquid helium, improving accessibility and sustainability.

How does Philips' BlueSeal technology impact MRI operations?

Philips' BlueSeal technology allows MRI scanners to operate without venting helium, using only a small amount for their operational life.

What are the expected benefits of the new superconductors being researched?

The new superconductors aim to operate at higher temperatures, reducing energy consumption, costs, and environmental impact while expanding patient access.

What is the significance of helium-free MRI technology?

Helium-free technology decreases reliance on a finite resource, making MRI operations more sustainable and cost-effective.

What is the stock symbol for Royal Philips?

The stock symbol for Royal Philips is PHG.