Dutch electronics and health-care firm Philips reported higher-than-expected third-quarter earnings on Monday as Frans van Houten, CEO of the company told CNBC that the new Affordable Care Act in the United States is proving beneficial to the company.
"I see the healthcare reform as a temporary detraction, but pretty soon when that will stabilize people will realize that innovation is the way to go to cater for more patients with chronic disease that live longer at lower cost," he said.
(Read More: Philips CEO: US Health-Care Reforms Hurting Sales)
Van Houten told CNBC in April that health-care reforms in the U.S. - also known as Obamacare - had made hospital CEOs cautious about spending money, hurting U.S. sales. The new laws have also caused political wrangling in Washington with the recent government shutdown in the U.S. coming after Republicans sought amendments to the act.
But Philips now appears more upbeat on the new reforms, with Van Houten explaining that overall it will cause consolidation of the healthcare system.