Medtronic
- 2. Who is Medtronic? Works closely with physicians around the world to create therapies that help patients do things they never thought possible. Produce technologies that help make it possible for millions of people to resume everyday activities, return to work, and live better, longer. Employees who share a passionate purpose to improve lives Six major businesses that focus their efforts around a condition or therapy type: Cardiac Rhythm Disease Management, Spinal and Biologics, Cardio Vascular, Neuromodulation, Diabetes, and Surgical Technologies.
- 3. Business Model Serves medical professionals by developing life changing technologies that improve the way chronic diseases are treated Provides and markets therapies through a unique Lean Sigma blend that combines best practices from both Lean and Six Sigma Built on two core technologies: - Sensors -Electrical stimulation Expansion of core competencies: Tissue engineering, Implantable materials, Drug delivery, catheter technology, batteries, navigation, biologics and information technology
- 4. Innovations Technology-driven industry Innovative concepts that make a measurable difference Two levels of innovation at Medtronic: -Technologies -Business processes Technologies - Internet-based Medtronic CareLink -Allows pacemaker Patients to receive remote monitoring and expert medical advice from their physician while at home or traveling Business processes - Employee and leadership development
- 5. People A business that truly makes a difference in people’s lives Employees see the benefits themselves by seeing people that benefit from what they do Creation of a culture where the people have both the motivation and flexibility to take the risks required to accomplish their goals A medallion is presented to each new Medtronic employee by the president of the company which signify the strong values supported by the company (restoring people to full life and health)
- 6. Financial Trends Research and Development spending has gone up from $852m in 2004 to $1,275b in 2008 Revenue grew by 10% from 2007 Return on capital was 15.03% among the top in the industry Aggressively Increased investing activities including acquisitions and the purchase of intellectual property
- 7. Challenges Many different companies all claim patents on some small part of a larger offering Patients are put at risk (time consuming litigation) No easy resolution, unfortunately this is a necessary part of the medical device industry Need to expand Patient access Improved Collaboration between clinicians and Medtronic scientists and engineers to speed the development of new products Establish strong working relationships with patient advocacy groups, so their organizations can help spread the message of better patient access
- 8. Insights of implemented strategies Expert technicians staff 24-hour patient help line Patients are educated through a network of certified trainers Constantly innovating and investing in research and development to develop superior products Provide continuing education courses to medical professionals