Medtronic: Difference between revisions
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industry = [[Medical technology]]| |
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num_employees = 41,000| |
num_employees = 41,000| |
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revenue = $14.599 Billion ( |
revenue = $14.599 Billion (2009)| |
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products = [[Medical devices]]| |
products = [[Medical devices]]| |
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foundation = 1949 | |
foundation = 1949 | |
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Revision as of 18:01, 12 August 2010
 | This article needs additional citations for verification. (December 2008) |
| File:Medtronic-Logo.png | |
| Company type | Public (NYSE: MDT) |
|---|---|
| Industry | Medical technology |
| Founded | 1949 |
| Headquarters | Minneapolis, Minnesota |
Key people | Bill Hawkins, Chairman & CEO |
| Products | Medical devices |
| Revenue | $14.599 Billion (2009) |
5,485,000,000 United States dollar (2022)  | |
| 3,758,000,000 United States dollar (2022) | |
Number of employees | 41,000 |
| Website | www.medtronic.com |
Medtronic, Inc. (NYSE: MDT), based in Minneapolis, Minnesota[1], is the world's largest medical technology company and is a Fortune 500 company.
History
Medtronic was founded in 1949 in a garage in northeast Minneapolis by Earl Bakken and his brother-in-law Palmer Hermundslie as a medical equipment repair shop. They originally wanted to sell basketball pumps due to a shortage in the Midwest in the 20th century. Bakken began as a graduate student in electrical engineering at the University of Minnesota before he gave up his studies to focus on Medtronic.
Through their repair business, Bakken came to know C. Walton Lillehei, a pioneer in the field of heart surgery then at the University of Minnesota Medical School. Lillehei was frustrated with the pacemakers of the day, which were quite large, applied electrical current externally (requiring higher voltages), and had to be plugged in to a wall outlet to operate. The deficiencies of such pacemakers were made painfully obvious following a power outage over Halloween in 1957 which affected large sections of Minnesota and western Wisconsin[2]. As a direct result of this blackout, a pediatric patient of Dr. Lillehei who was pacemaker-dependent died. The next day, Lillehei spoke with Bakken about developing some form of battery-powered pacemaker. Stemming from this need, Bakken modified a design for a transistorized metronome to create the first battery-powered external artificial pacemaker.
The company expanded through the 1950s, mostly selling equipment built by other companies, but also developing some custom devices. Bakken built a small transistorized pacemaker that could be strapped to the body and powered by batteries. Work into this new field continued, producing an implantable pacemaker in 1960. Medtronic's main competitors in the cardiac rhythm field include Boston Scientific and St. Jude Medical.
The company remains very focused on the mission originally written by co-founder Earl Bakken in the early-1960s. The first paragraph of the 6 paragraph mission statement reads:
"To contribute to human welfare by application of biomedical engineering in the research, design, manufacture, and sale of instruments or appliances that alleviate pain, restore health, and extend life."
On June 18, 2010, Arkansas officials have seized a shipment of human heads destined for a Medtronic facility in Fort Worth, Texas. The shipment included four heads and 40 temporal lobes (or 40 to 60 heads[3]) that were to be used in Medtronic medical research.[4][5][6]
Medtronic business units
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, and diabetes.
CRDM
CRDM is the oldest and largest of Medtronic's business units. Its work in heart rhythm therapies dates back to 1957, when 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. CRDM has also made an effort to address overall disease management by adding diagnostic and monitoring capabilities to many of its devices.
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.[7] In May 2008, Kyphon paid $75 million to settle a whistleblower suit filed in 2005, alleging fraudulent Medicare claims.[8]
CardioVascular
Medtronic's therapies in this business span the major specialties of interventional cardiology, cardiac surgery, and vascular surgery. The products are used to reduce the potentially debilitating effects of coronary, aortic, and structural heart disease. In March 2008 researchers at the medical device security center released a report indicating that a security vulnerability in the Maximo implantable cardioverter-defibrillator could permit attackers to remotely gain access to personal patient information, alter treatment instructions, or even induce potentially fatal rhythms.[9]
In 2007, Medtronic recalled its Sprint Fidelis product, consisting of the flexible wires, or leads, which connect a defibrillator to the interior of the heart. 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; either can be lethal. The scope of this problem continues to be a matter of research. 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.[10]
Neuromodulation
Products include neurostimulation systems and implantable drug delivery systems for chronic pain, common movement disoroders, and urologic and gastrointestinal disorders.
Diabetes
Medtronic Diabetes is the diabetes management manufacturing and sales division of Medtronic, based in Northridge, California. The original company, Minimed Technologies, was founded in the early 1980s and spun off from Pacesetter Systems in order to design a practical insulin pump for lifelong wear. Most devices at the time were either too large or impossible to program and extremely unreliable. The release of the lightweight, menu-driven MiniMed 500 series changed the landscape, and was a major factor in bringing pump usage to the mainstream. In the early 2000s Medtronic purchased Minimed to form Medtronic Minimed.
Current models consist of the MiniMed Paradigm 523/723 and Paradigm Real-time Revel system and Guardian Real-time system. It is the first insulin pump which integrates continuous blood glucose monitoring, allowing patients to see in real time their glucose level. As well as insulin pumps, 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. The company also makes a large range of accessories and components for its insulin pump and CGMS products.
As of March 2007 the MiniMed name has begun to be absorbed into the parent company, Medtronic. Medtronic has kept the MiniMed name to brand their insulin pumps, for example the MiniMed Paradigm 722. As Medtronic frequently uses Medtronic Diabetes as the name for the division, it is unclear to the extent the division will be integrated into Medtronic. Although Medtronic MiniMed has its own website, and many products and marketing material still bear its name, the brand is being phased out.
On May 11, 2009, Medtronic announced it had chosen San Antonio, Texas for the location of its new Diabetes Therapy Management and Education Center. The company announced that it expected 1,400 new jobs would be created to staff the 150,000 square-foot facility.[11]
Surgical Technologies
The Surgical Technologies business designs and manufactures products for the diagnosis and treatment of ear, nose, and throat (ENT) diseases and cranial, spinal, and neurologic conditions as well as Computer Assisted Surgery (CAS) and intraoperative imaging systems. Many of the products are minimally invasive.
References
- ^ [1]
- ^ MPR Story
- ^ http://www.telegraph.co.uk/news/newstopics/howaboutthat/7836901/60-human-heads-discovered-at-Arkansas-airport.html
- ^ http://www.twincities.com/business/ci_15318060
- ^ http://www.foxnews.com/story/0,2933,594828,00.html?test=latestnews
- ^ http://www.gazette.com/articles/human-100479-airport-little.html
- ^ Joshua Freed (July 27, 2007). "Medtronic to acquire Kyphon". USA Today. AP.
- ^ David S. Hilzenrath (December 27, 2009). "Medical sales reps work alongside doctors, even in operating rooms". Washington Post.
- ^ Feder, Barnaby J. (2008-03-12). "A Heart Device Is Found Vulnerable to Hacker Attacks". The New York Times. Retrieved 2009-03-17.
- ^ Burton, Thomas M. (4 February 2010). "Hospitals Dispute Medtronic Data on Wires". Wall Street Journal. pp. D6.
{{cite news}}:|access-date=requires|url=(help) - ^ "Medtronic Announces San Antonio as Home of New Diabetes Facility". Medtronic. 2009-05-11. Retrieved 2009-05-11.