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

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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About Peter Coffaro 612 Articles
A growth-driven and strategic executive, Peter Coffaro commands more than 20 years of progressive management success within the orthopedic industry. Recognized by MedReps.com and the World Journal of Orthopedics as one of the top medical sales influencers in the industry; he has 10 years of combined sales management experience and has held positions as a Director, General Manager and Distributor. Peter has worked for some of the top orthopedic companies in the world - Zimmer, DePuy and Stryker. He is also the founder of OrthoFeed: a popular blog that covers orthopedic news and emerging medical technologies. Peter is a three-time Hall of Fame award winner at Johnson and Johnson and has an extensive background in organizational development, business development, sales management, digital marketing and professional education. Peter holds a B.S. degree in Biology from Northern Illinois University.

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