Evolving health care —
Medtronic is changing
Healthcare systems around the world face serious clinical and economic challenges. If not corrected, these problems can undermine global growth and development, leaving millions of people around the world untreated for even simple diseases. I do not believe that the factors that drove Medtronic to its present position in the medical field will necessarily be valid for future developments.
The search for better health care in the health care system stems from fundamental and universal health care needs. Improving clinical outcomes, expanding access to health care, and optimizing costs and efficiencies are fundamental goals of all health care systems worldwide.
Expansion of value around the mission
For the last 60 years of Medtronic's existence, our mission has always been to alleviate suffering, restore health and prolong lives for people around the world. We have been at the forefront of innovation in the field of medical devices, striving to develop high-quality treatments that positively impact people's lives. Today, more than 62 million people annually benefit from Medtronic's technology, which is equivalent to two people per second. However, the nature of the medical problems we face today requires a new approach. Governments, insurance companies, hospitals, patients, and many other actors in the health care system are looking for better value.
By integrating Medtronic's technology, data, insight and expertise into partnerships with hospitals, payers and governments, we can create a value-based health care model that can reduce costs while delivering better patient outcomes. I believe.
We've been recognizing the value-enhancing trend for many years now, and we've been committed to thinking and working in new ways to increase the value of the products and services we offer. We started our innovation in 2012 by introducing the concept of “economic value” and integrating it as a cornerstone of our business strategy. In short, we've realized that what our customers expect of us is changing. Customers are demanding economic as well as clinical value from their therapeutic innovations. The products or services we provide must also provide economic benefits such as improving treatment efficiency, minimizing system waste, and expanding patient use.
By integrating Medtronic's technology, data, insight and expertise into partnerships with hospitals, payers and governments, we can create a value-based health care model that can lower costs while delivering better patient outcomes. I believe.
FURTHER, TOGETHER
We call this new approach “Further, Together”. “Further” means that Medtronic will continue to innovate, developing robust solutions with proven clinical and economic value as the cornerstone of our products and value proposition. “Together” is an expression of our commitment to forging new, diverse and stronger partnerships to achieve our goal of providing more complete and integrated care across healthcare services.
The key tenets of “Further, Together” are to achieve meaningful innovation at the therapy, procedure, and institutional level, use our capabilities and expertise to align with the values of various stakeholders in the health care system, and improve access to health care globally. While expanding, the focus is on building new partnerships with actors working to transform healthcare.
Creating meaningful innovation
Medtronic is committed to $1.5 billion this year alone to deliver better patient outcomes, better quality of life, and meaningful innovations to the market that can be verified clinically and economically at the therapeutic, procedural and institutional levels at affordable cost. invest in research and development.
Establishing Values for Stakeholders
Medtronic works with the global healthcare community to develop solutions that use our technologies, services and insights to drive operational efficiencies within healthcare systems or expand care delivery through better patient care management.
For this reason, Medtronic created the Medtronic Integrated Health Solutions (IHS) business, a new product that focuses on system-level services and solutions beyond devices. Today, integrated health solutions are helping hospitals, payment institutions, and healthcare systems deliver value across all areas of care by improving efficiency and patient care.
One way to do this is to make sure the patient doesn't have to visit the hospital again. At Centura Health Hospital in Colorado, a pilot program using Medtronic's telemedicine solution helped nurses routinely follow patients, resulting in a 62% reduction in heart failure-related hospitalizations during the first 30 days of hospital admission. decreased.1
Improving access to care around the world
To improve outcomes around the world, we need to focus on global access to quality health care. Health equity is a concern for nearly every indicator in many parts of the world, as evidenced by the fact that more than 400 million people worldwide currently have no access to care.2
Medtronic works with governments and providers on care delivery and efficiencies in developed markets and supports infrastructure development, treatment awareness and training, and capacity management in emerging markets. Medtronic is working with health authorities in China to research ways to improve diabetes management, working with an emergency medical group in Brazil to reduce hospital travel times for heart attack patients, and working with community entrepreneurs in India to help prevent simple treatment. We are working to reduce hearing loss.
One service essential to improving performance across all regions is physician education. Medtronic has trained thousands of doctors around the world in the last five years alone.
Health equity is a concern for nearly every indicator in many parts of the world, as evidenced by the fact that more than 400 million people worldwide currently have no access to care.2
first step towards progress
We are convinced that Medtronic has a unique role to play in ushering in a value-based healthcare era, and we know it can do more. We have the ability to create powerful new technologies and services that can deliver better outcomes for patients at lower cost. Medtronic understands that no one can solve the world's healthcare challenges alone. We can all achieve the benefits of value-based health care only through collaboration and partnership.