HEALTHCARE IS TRANSFORMING —
SO ARE WE
Global healthcare systems are under intense clinical and economic challenges and, if not corrected, these issues can serve to undermine global growth and development and leave millions around the world untreated – for even the simplest diseases. We believe that what got us to the current state of healthcare is not necessarily what will propel us forward.
The quest for better healthcare stems from foundational or universal healthcare needs for any healthcare system. The goals of improving clinical outcomes, expanding access, and optimising cost and efficiency are fundamental to all healthcare systems around the world.
MISSION STAYS CRITICAL, VALUE EXPANDS
During the six decades of Medtronic’s existence, our Mission has remained the same: to alleviate pain, restore health and extend life for people around the world. We have worked hard to be at the forefront of medical device innovation, challenging ourselves to develop high-quality technologies that positively impact people’s lives. We have accomplished a lot – today more than 62 million people benefit from our technologies each year, equating to two people every second. But the nature of today’s healthcare problems requires a new approach. Governments, insurers, hospitals, patients, and other participants in the healthcare system are looking for better value.
At Medtronic, we believe that our technologies, the data and insights they create, and our expertise can be combined in partnership with hospitals, payers and governments to help create aligned, value-based healthcare models that can deliver better patient outcomes – while maintaining or reducing costs.
We recognised the trend toward increasing value several years ago and committed ourselves to thinking and working in new ways to ensure we are contributing to driving more value in our offerings. We began our evolution by introducing a concept called “economic value”, incorporating it as a cornerstone of our business strategy in 2012. In short, we saw a shift in what our customers expected from us. They didn’t just need clinical value from our technology innovations; they needed economic value as well. The product or service we delivered had to provide an economic benefit such as making care delivery more efficient, minimising system waste, or expanding patient access to therapies.