In June 2014, Medtronic and Covidien shook the medical technology industry with the announcement of a merger of unprecedented scale. OCTANe’s Medical Investor Forum, held in Irvine, Calif., Oct. 27-28, featured a conversation between Geoff Martha, who led Medtronic’s team for the $50 billion merger, and Brett Wall, former president of Covidien and current president of the Neurovascular business at Medtronic. The pair provided an inside look at the deal, how it happened, and what they would have done differently. For the most part, in keeping with OCTANe’s conference model, Wall acted as the interviewer.
Medtronic was 3 years into the leadership of Omar Ishrak and looking at what was coming down the pipeline, Martha explained. There were issues in the healthcare space, particularly in costs and meeting the needs of providers, payers, and government, that Medtronic leaders felt it couldn’t solve with its current model.