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.
Image Credit: Mackenzie Burke