Medtronic's global reach growing

By Angie DeRosa
Conference Director

Published: December 6, 2012 6:00 am ET

Related to this story

Topics Medical
Companies & Associations

CLEVELAND (Dec. 6, 1:10 p.m. ET) — Medical-device maker Medtronic Inc. is transforming itself for growth in the global health-care environment, with a strategy that includes penetrating emerging markets.

That was the message delivered by its CEO, Omar Ishrak, who addressed attendees at the 2012 Medical Innovation Summit held by the Cleveland Clinic in Cleveland.

“The underlying need for health care is something that will never go away,” Ishrak said Oct. 30. To be successful in today’s health-care environment, relationships have to be with a broad set of stakeholders, including physicians, he said.

Some 45 percent of Medtronic’s business is outside the U.S. It will continue its penetration into global markets via acquisition. On Nov. 1, the company announced it had acquired China KangHui Holdings, a maker of orthopedic devices based in Changzhou, China. The company complements Medtronic’s existing positions in spine, neuromodulation, neurosurgery, advanced energy and surgical navigation.

But, Ishrak said, Medtronic also is doing what it can organically in other countries. Its “Healthy Heart for All” campaign is an example of innovative marketing and approach to market. The program is focused on India, where heart disease is a growing issue. Health insurance is not common in the country, so most people cannot afford cardiac care.

The innovation had to come through market reach, not necessarily a new technology or product. Medtronic worked to develop a system to get the population of India treated. It included direct-to-patient advertising for free diagnostic events; developing the ecosystem where the company involved industry stakeholders and increased participation in the program. Medtronic also had to manage the pipeline and ensure affordability.

“We know how to create economic value,” he said. “Where cost is incurred is not the same place where benefit is realized.”

He also called for transparency in data and a good product’s advancement into the global registry that is transparent and systematic.

For its part, Medtronic has experienced the impact of product defects and recalls.

“No one wants to do something that is not safe, no one,” he said. “Transparency in data is critical in the future.”


Comments

Medtronic's global reach growing

By Angie DeRosa
Conference Director

Published: December 6, 2012 6:00 am ET

Post Your Comments


Back to story


More stories

Image

Eastman Chemical expanding Tritan co-polyester capacity

March 27, 2015 10:00 am ET

Eastman Chemical Co.'s Tritan-brand co-polyester business continues to grow, with 35 million pounds of capacity added late last year and a second...    More

Image

Getting a real feel for how 'vinyl saves lives'

March 27, 2015 6:00 am ET

While I'm certainly not shipping off to Africa anytime soon, I got a taste of what medical professionals go through in the fight against Ebola and...    More

Image

Flextronics launches global injection molding, tooling unit

March 26, 2015 4:29 pm ET

Flextronics International Ltd. (Booth S34125) is officially launching Precision Plastics, a global injection tooling and manufacturing unit, as a...    More

Image

Intertech Medical adding presses, people

March 23, 2015 3:28 pm ET

Colorado's Intertech Medical has added five new injection molding presses and expects to add up to another four machines to keep up with a growth in...    More

Image

Kumar left Wall Street to run thermoforming companies

March 18, 2015 6:00 am ET

Jay Kumar was working on Wall Street before he decided to invest in manufacturing, buying Universal Plastics Co. in 2012.    More

Market Reports

Flexible Packaging Trends in North America

North America represents about 30 percent of the global consumption of flexible packaging. Annual growth in this region is forecast at 4 percent during the next 5 years.

For more insight on growth opportunities, drivers of growth and the outlook for 2015, download this report.

Learn more

Plastics Recycling Trends in North America

This report is a review and analysis of the North American Plastics Recycling Industry, including key trends and statistics based on 2013 performance. We examine market environment factors, regulatory issues, industry challenges, key drivers and emerging trends in post-consumer and post-industrial recycling.

Learn more

Plastics in Mexico - State of the Industry Report

This report analyzes the $20 billion plastics industry in Mexico including sales of machinery & equipment, resins and finished products.

Our analysts provide insight on business trends, foreign investment, top end markets and plastics processing activity. The report also provides important data on exports, production, employment and value of plastics products manufactured.

Learn more

Upcoming Plastics News Events

June 2, 2015 - June 3, 2015Plastics Financial Summit - Chicago 2015

September 16, 2015 - September 18, 2015Plastics Caps & Closures - September 2015

More Events