Issue link: https://beckershealthcare.uberflip.com/i/829284
25 DEVICES & IMPLANTS 10 Things to Know About Medtronic By Adam Schrag Medtronic is one of the world's largest medi- cal device companies. Here are 10 things to know about the device technology giant: 1. Medtronic was founded as a medical equipment repair shop in 1949 in Minneap- olis by Earl Bakken and his brother-in-law, Palmer Hermundslie. eir breakthrough came when Mr. Bakken created the wearable pacemaker in 1957. 2. Today, the company's operational headquar- ters are in Minneapolis and their principal executive office is in Dublin, Ireland. In 2016, Medtronic funded the construction of "e Horn," a 38-ton monument situated at the en- trance to U.S. Bank Stadium, the downtown Minneapolis home of the NFL's Vikings. e monument's construction is part of Medtron- ic's 10-year partnership with the Vikings. 3. Omar Ishrak has been the company's chair- man and CEO since 2011. Previously, he had been president and CEO of General Electric Healthcare Systems. Other members of the company's leadership include Executive Vice President and President of the cardiac vascular group Michael J. Coyle; Senior Vice President and President of the Americas region Mike Genau; Executive Vice President and Presi- dent of the diabetes group Hooman Hakami; and Executive Vice President and President of the minimally invasive therapies group Bryan Hanson. 4. Medtronic recently announced the launch of Medtronic Impact in its Europe, Middle East and Africa regions. e initiative is part of the company's drive towards value-based healthcare that will focus on education, de- velopment, networking and outreach. 5. Medtronic creates therapies for nearly 40 medical conditions, marketing these treat- ment options in over 160 countries. Physi- cians use Medtronic devices to treat patients suffering from any number of injuries, diseas- es or other ailments. According to the com- pany's 2016 financial report, 34 percent of its revenue comes from minimally invasive ther- apy treatments, totaling out at $9.6 billion. 6. Some of the company's well-known spine products are the balloon kyphoplasty, cer- vical artificial discs and the Medtronic CD Horizon system. 7. Spine revenue increased 2 percent for the second quarter of the 2017 fiscal year, hitting $663 million. e core spine business was up by the low single digits while the BMP reve- nue grew in the high single digits in the United States for the second quarter. However, Mr. Ishrak said the company's second quarter rev- enue was disappointing, falling short of expec- tations. 8. Medtronic recently received FDA 510(k) clearance for its CardioInsight noninvasive 3D mapping system, which maps a wide range of irregular heart rhythms. 9. Medtronic received the Claritive "Top 100 Global Innovators" award in 2014, 2015 and 2016. e award honors the world's most inno- vative companies based on the volume, success, protection and influence of their patents. 10. e company acquired Covidien in 2015 in a deal valued at $49.9 billion that set off a string of acquisitions, all of which are expect- ed to keep Medtronic among the top medical device companies in the world for the fore- seeable future, according to Bloomberg. With the acquisition complete, Medtronic moved its headquarters to Ireland, where Covidien was based, in a tax inversion strategy. When Medtronic made the move, the company promised to add 1,000 jobs in Minnesota. In December 2016, the company announced eliminating low-skilled jobs and moving them to a contractor in the Philippines, ac- cording to the Star Tribune. e company has added 500 jobs in Minnesota since moving headquarters overseas and told Governor Mark Dayton Medtronic still plans to fulfill its commitment to the state. n 5 Key Thoughts on Healthcare From Johnson & Johnson CEO Alex Gorsky By Laura Dyrda J ohnson & Johnson CEO Alex Gorsky spoke to CNBC about the U.S. healthcare system from the Chi- na Development Forum in Beijing. Here are five key notes from the discussion: 1. Changes are necessary in healthcare, but there were some great aspects of the ACA Mr. Gorsky would like to see in revision plans going forward. The three key elements of the healthcare puzzle are providing quality, affordable and sustainable care. 2. The new healthcare plan must avoid allowing too many Americans to go uninsured and give people with pre-ex- isting conditions access to health insurance, according to Mr. Gorsky. 3. President Donald Trump has criticized the pharmaceu- tical industry for skyrocketing drug prices, but Mr. Gorsky said the issue with healthcare pricing goes much further; pharmaceuticals represent 10 percent to 15 percent of the overall healthcare spend. 4. New advancements in the medical device and pharma- ceutical industry have led to life expectancy improvement, and Mr. Gorsky feels companies should continue to have the ability to innovate. 5. One of the key challenges will be moving to episode-based care and creating partnerships between the fragmented healthcare stakeholders, providers and hospitals. n