Medtronic continues to lead in partnership driven innovation to address a wider range of chronic diseases.
As the world gets older and healthcare and sick-care budgets come under ever-greater pressure, US-based Medtronic is one of a handful of companies focused on changing how chronic disease impacts us through developing new technologies to help people get back to work and lead active lives. The company now operates across six major business areas ranging from cardiac rhythm disease management, where it started its journey, to spinal and biologics, diabetes, cardiovascular and neuromodulation as well as surgical devices. Over the past 40 years Medtronic has steadily grown its sphere of activity from an initial core focus on pacemakers to provide a broad portfolio of products, and most of this has been done through innovating in partnership with physicians.
While some companies have only recently got into open innovation, in its specific field of interest, Medtronic has been working closely with both physicians and patients for many years. Whether through providing new clinical insights that stimulate innovation within its 50 R&D centres around the world, or even by bringing new ideas to the company, this close and open partnership is seen by many as the heart of the Medtronic approach. With steady revenues in a time of cutbacks in many healthcare budgets, Medtronic’s innovation output has also remained in gear with an increasing flow of new technologies coming through the business. While competition is intensifying, with the overall market base continuing to expand, the opportunities for more effective medical devices remain strong.