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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.
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.
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.
This strategy expanded in 2013 when we identified an opportunity to increase value, not only with our devices but also through our clinical expertise and healthcare system knowledge.
We call this new approach “Further, Together.” “Further,” because we will continue to drive progress in innovation and devise powerful solutions with proven clinical and economic value as the basis of our offerings and value proposition. And “Together,” because we will forge new, different and stronger partnerships to help our customers achieve their goal of delivering more seamless, integrated care across the healthcare continuum.
The main tenets of “Further, Together” focus on developing meaningful innovation at the therapy, procedural and system levels; leveraging our capabilities and expertise to align value among the various stakeholders in the healthcare system; and expanding global access to healthcare – all while developing new partnerships with those who are committed to transforming healthcare.
This year alone we have invested US$1.5 billion in research and development to bring meaningful innovations – those that strive to deliver better patient outcomes at appropriate costs, lead to enhanced quality of life, and can be validated by clinical and economic evidence – at the therapy, procedural and system levels to market.
Medtronic is working with the global healthcare community to take our technology, services and insights, and fashion them into solutions that either drive operational efficiency within the healthcare system or augment the delivery of care through better patient care management.
That’s one of the reasons we created the Medtronic Integrated Health Solutions (IHS) business that moves beyond devices to focus on system-level services and solutions. Today, Integrated Health Solutions is helping hospitals and health systems align value across the care continuum by delivering more efficient and improved care to patients.
One way we are doing this is by keeping patients from coming back to the hospital. At Centura Health in Colorado, a pilot program using our telehealth solution helped nurses regularly follow up with patients, which helped reduce heart failure-related hospitalizations by 62 percent in a 30-day period following the initial hospital stay.1
If we are to improve outcomes around the world, global access to quality healthcare is a critical area of focus for the company. Equity is a matter of concern across nearly all indicators in many parts of the world, with at least 400 million people currently lacking access to care.2
In developed markets, we’re working with governments and providers on care delivery and efficiency, while in emerging markets we’re assisting with infrastructure development, therapy awareness and education, and capacity management. That’s why we’re working with a Chinese health agency to study ways of improving diabetes care, emergency groups in Brazil to get heart attack patients to hospital faster, and community workers in India to stem preventable hearing loss from simple-to-treat infections.
One service that stretches across all geographies and is imperative to improving outcomes is physician training. In the past five years alone, we’ve trained thousands of physicians around the globe.
Equity is a matter of concern across nearly all indicators in many parts of the world, with at least 400 million people currently lacking access to care.2
While we firmly believe Medtronic has a unique role to play in the move toward aligned, value-based care, we know we can do more. We have the ability to create powerful new technologies and services to achieve better outcomes for patients at a reduced cost. And we recognise that no one can solve the world’s healthcare challenges alone. Only through collaboration and partnership can we all achieve the benefits of value-based healthcare.
Let’s go Further, Together.