Founded in 1949, Medtronic is the world’s largest Medical Technology Company and also a Fortune 500 company. Medtronic specializes in medical devices and therapies to treat over 30 chronic diseases. With headquarters located in Fridley, Minnesota the company has over 41,000 employees bringing in annual revenue of $14. 599 Billion dollars. (1) Due to patient’s positive feedback and the results of Medtronic, Co-founder Earl Bakken came up with a mission statement half a century ago that continues to serve as an ethical framework and inspirational goal for employees around the world today.
Medtronic builds on the areas of biomedical engineering through education and knowledge. They will avoid participating where they cannot make unique and worthy contributions. Instead, Medtronic strives to be the unsurpassed standard of comparison and to be recognized as a company of dedication, honesty, integrity, and service. * Medtronic is composed of six main business units, which develop and manufacture devices and therapies to treat more than 30 chronic diseases, including (but not limited to) heart failure, Parkinson’s disease, urinary incontinence, obesity, chronic pain, spinal disorders and diabetes. 1) CRDM: is the oldest and largest of Medtronic’s business units.
Back in 1957, co-founder Earl Bakken developed the first wearable heart pacemaker to treat abnormally slow heart rates. Since then, CRDM has expanded its expertise in electrical stimulation to treat other cardiac rhythm diseases. Diagnostic and monitoring capabilities have been added to many of CRDM devices in an effort to address overall disease management. Seeing that Medtronic is the world leader in spinal and musculoskeletal therapies the Spinal and Biologics is Medtronic’s second largest business.
During the year 2007 Medtronic bought Kyphon, a manufacturer and seller of spinal implants. Spinal & Biologics: Spinal and Biologics is Medtronic’s second largest business, and Medtronic is the world leader in spinal and musculoskeletal therapies. In 2007, Medtronic bought Kyphon, a manufacturer and seller of spinal implants. (4) Cardiovascular: is Medtronic’s third-largest business. Their therapies include major specialties of interventional cardiology, cardiac surgery, and vascular surgery.
The products developed and created in collaboration with leading physicians, are used to reduce the potentially debilitating effects of coronary, aortic, and structural heart disease. These products include: Angioplasty technologies to treat arteries that are blocked by atherosclerotic plaque and restore blood flow to the heart. Stent grafts to treat aortic aneurysms. Heart valves and valve repair technology to treat congenital heart defects and valve disease, and Open-heart and coronary bypass graft products to restore blood flow to the heart.
Medtronic had to recall its Sprint Fidelis product in 2007. (4)The Sprint Fidelis leads were found to be failing at an unacceptable rate, resulting in unnecessary shocks or a failure to administer a shock when needed, which are both lethal. Many studies since the recall, disputed by Medtronic, suggest the failure rate of already-implanted Sprint Fidelis leads is increasing exponentially. Medtronic liability in this matter is limited by various court decisions. 2) * Neuromodulation: Products include neurostimulation systems and implantable drug delivery systems for chronic pain, common movement disorders, and urologic and gastrointestinal disorders. * Diabetes: Medtronic’s diabetes management manufacturing and sales division is based in Northridge, California. Minimed Technologies (the original company) was founded in the early 1980’s, which created Pacesetter Systems. Spinning off the Pacesetter System, they were able to design lifelong wear insulin.
The problem at the time with most of the devices was that they were extremely unreliable, too large and impossible to program. With the release of the MiniMed 500 series, they were able to bring pump usage back to the mainstream due to it being lightweight. MiniMed Paradigm 523/723, paradigm Real-time Revel system, (5) and Guardian Real-time system(6) are some of its recent models. It is the first insulin pump, which integrates continuous blood glucose monitoring, allowing patients to see in real time their glucose level.
Medtronic Diabetes also makes Continuous Blood Glucose Monitoring Systems (CGMS) for use as stand alone systems or integrated into its Minimed Paradigm 523/723 series pumps. A large variety of accessories and components have also been made for its insulin pump and CGMS products. (3) The Surgical Technologies business focuses on the treatment of the ear, nose and throat diseases (also known as ENT) cranial, spine and neurologic conditions as well as Computer assisted Surgery and intraoperative imaging systems.
The Surgical Technologies focus on designing and manufacturing products for these diagnoses. Most of these products are minimally invasive * Although much of the work is handled at the business level, Medtronic has several cross business groups to help leverage best practices, knowledge, and technologies across the company. These groups consist of Medtronic International, which leads operations, sales, and distribution outside of the United States. The Quality and Operations department makes every effort to have the greatest possible reliability and quality in their products.
This group also provides cost-effective shared business services. Strategy and Innovation focuses on coordinating research and development function throughout the entire company. Growth opportunities are also evaluated in this group. Healthcare Policy and Regulatory provides a strategic approach to policy issues that affect the entire medical technology industry. Medtronic works with government agencies and peer groups across the globe, focusing on issues such as cost-benefit analysis, regulatory approvals and reimbursement. (1)