Medtech giant Medtronic sharpens its digital transformation strategy to make data top priority

October 12, 2021 Artificial Intelligence, Digital Health, Innovation, Medical Technology, Medtronic, Robotics

The company’s new GI Genius uses AI to provide a second set of eyes for doctors and looks for suspicious spots on colonoscopy scans.

Medtronic is expanding its corporate strategy to move beyond medtech devices to bring more data-driven products to market. The company is setting new environmental and social goals as well to become “the leading healthcare technology company and a cornerstone for societal change.”

The company plans to increase R&D spending by 10% over the next fiscal year, which represents the largest increase in company history. Also, by 2025, the company plans for 20% of revenue to come from products and therapies released in the previous three years.

Torod Neptune, senior vice president and chief communications officer, said that the company is changing its brand focus to emphasize digital health instead of purely medtech.

“This change reflects our recent innovations in robotics, our work around data algorithms and artificial intelligence on top of products themselves,” he said.

Neptune said that the company’s environmental and social goals reflect the new expectation that companies will address significant societal problems, not simply make great products.

Two engineers founded Medtronic in 1949 as a repair business for medical electronics. In 1957, Earl Bakken built the first battery-operated pacemaker. The next significant milestone was a prosthetic heart valve in 1977.

By Veronica Combs | TechRepublic

Image Credit: Mackenzie Burke

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Peter Coffaro is a growth-driven and strategic executive with over 25 years of progressive management success in the medical device industry. With a proven track record and recognized expertise, Peter has established himself as one of the top influencers in medical sales, as acknowledged by prestigious publications such as the World Journal of Orthopedics, Exponential Healthtech, and MedReps.com. Throughout his career, Peter has accumulated 10 years of combined sales management experience, excelling in various roles including Director, General Manager, Distributor, and Vice President. He has worked for industry-leading orthopedic companies such as Zimmer, DePuy, and Stryker, solidifying his deep knowledge and network within the field. Peter’s passion for innovation and emerging technologies led him to found OrthoFeed, an award-winning blog covering digital orthopedic news and emerging medical technologies. Through this platform, he stays at the forefront of the industry and contributes to the dissemination of valuable insights. Peter is a three-time Hall of Fame award winner at Johnson and Johnson, demonstrating his exceptional contributions and impact on the organization. His expertise extends to areas such as organizational development, business development, sales management, digital marketing, and professional education. Peter earned a B.S. degree in Biology and Chemistry from Northern Illinois University, further complementing his comprehensive understanding of the medical field. With his wealth of experience, strategic mindset, and dedication to advancing healthcare, Peter Coffaro is a valuable asset and leader in the medical device industry.