Medtronic plc (NYSE:MDT) was founded in 1949 and is headquartered in Minneapolis, Minnesota, USA, with 86,000 employees worldwide. It is a medical technology company dedicated to providing life-long treatment solutions for patients with chronic diseases. The main products cover arrhythmia, heart failure, vascular disease, heart valve replacement, external heart support, minimally invasive heart surgery, malignant and non-malignant pain, dyskinesia, diabetes, gastrointestinal disease, urinary system disease, spine disease, nervous system disease And ENT surgery and other fields.
Medtronic plc, or Medtronic for short, is one of the world’s largest medical technology companies, mainly providing life-long treatment solutions for patients with chronic diseases. Ranked 158 among Fortune 500 companies in 2011.
Medtronic was founded in Minneapolis in 1949 by Earl Bakken and his brother-in-law Palmer Hermundslie. In the beginning, Medtronic was a medical equipment repair company. Bakken dropped out of school to run the company. The company’s main product is its invented and promoted pacemaker. Before the 90s, this was the company’s main product. After the 1990s, the company diversified its products and markets, and experienced a period of rapid development.
In recent years, Medtronic plans to develop China as the largest market outside the United States, and plans to double its employees in China to 2,000 by 2016.
The main products of Medtronic:
- Pacemaker-Treatment of bradycardia
- InSync Heart Resynchronization Device-Treating Heart Failure
- Implantable cardioverter defibrillator-treatment of tachycardia
- Coronary stent-interventional treatment of cardiovascular disease
- Neurostimulator-Treat Parkinson’s Disease
- Spinal fixation system-treatment of spinal diseases
- Insulin infusion pump-treatment of diabetes
- Otorhinolaryngology Power System-Treatment of Otorhinolaryngology-Head and Neck Surgery Diseases
- Hancock II Bioprosthetic Valve and other series of heart valves-treatment of heart surgery valve diseases
- In 1949, Earl Bakken and his brother-in-law Palmer Hermundslie co-founded Medtronic, which was originally a medical device company.
- In the 1950s, more than 50% of Medtronic’s revenue came from the sale of other companies’ products. Although Medtronic produced nearly 100 kinds of equipment for customers, only 10 of them formed a real product line.
- In 1962, Medtronic’s product line was expanded to 21 types, with annual sales of US$500,000.
- In 1965, Medtronic manufactured its first transvenous pacemaker.
- In 1966, Medtronic purchased related patents from Great Batch Chardack.
- In 1967, Medtronic introduced two “on-demand” pacemakers, which can avoid the artificial pacing of the pacemaker against the patient’s own heartbeat.
- In 1967, a service center was established at Amsterdam Schiphol Airport in the Netherlands.
- In 1968, Medtronic’s total sales soared to 12 million U.S. dollars and profits exceeded 1 million U.S. dollars.
- In 1968, in order to gain direct control of the global business and unify the company’s image externally, Medtronic acquired its Canadian agent.
- In 1969, Medtronic introduced an implantable back spinal stimulator and brain stimulator.
- In 1970, the first human pacemaker was implanted in Paris.
- In 1971, Medtronic established its Latin American headquarters in Sao Paulo, Brazil.
- In 1976, the Medtronic Neural Business Unit was formally established.
- In 1977, Medtronic established its heart valve business unit and launched the Medtronic “Hall” mechanical valve.
- In 1980, Medtronic acquired Vitatron, a pacemaker manufacturing company in the Netherlands, and established the Bakken R&D center in Maastricht, the Netherlands in 1987.
- In 1981, Medtronic introduced the first pacemaker that can sense and pace atria and ventricles at the same time-Versatrax.
- From 1982 to 1983, Medtronic launched the world’s first fully implantable programmable nerve stimulation device-Itrel, which is used to treat long-term pain.
- In 1985, Medtronic launched the world’s first single-chamber frequency response pacemaker.
- In 1987, Medtronic’s CapSure lead wire was introduced. The tip of this lead wire is coated with steroids to help reduce inflammation of myocardial tissue.
- In 1989, Medtronic acquired TUR-a German pacemaker company; CardioRhythm-a manufacturing company for the diagnosis and treatment of arrhythmia equipment; DLP-a company specializing in the manufacture of cardiac surgical catheters.
- In 1989, Medtronic quietly entered the Chinese market through agents.
- In the 1980s, Medtronic acquired Johnson&Johnson ’s cardiovascular department (biological heart valves and cardiopulmonary equipment); Versafle delivery systems (coronary angiography catheters and guidance technology) and Bio-Medicus (centrifugal blood pumps).
- In 1991, Medtronic had 8,000 employees worldwide.
- In 1995, Medtronic formed an alliance with Healtheon/WebMD, a leading customer-centric medical information network.
- In 1999, Medtronic had annual revenues of 4 billion U.S. dollars and 22,000 employees.
- In 2001, Medtronic acquired MiniMed and MRG and became a global leader in insulin infusion pump technology.
- In November 2008, Medtronic Medical Products Technology (Services) Shanghai Co., Ltd. signed a long-term cooperation agreement with the Cardiovascular Disease Prevention and Research Center of the Ministry of Health (“NCCD”) to prepare for the establishment of an NCCD patient education base-Medtronic Health Care Center .
- On January 26, 2015, Medtronic acquired the medical device company Covidien plc (formerly NYSE: COV, which was the parent company of the original Mallinckrodt PLC (NYSE: MNK) , for US$ 49.9 billion ), which was spin-off from Tyco International in June 2007 . One of these companies, the other is Tyco Electronics ).
- In February 2016, Medtronic cooperated with IBM to strive to raise the level of diabetes treatment to a new level.
- June 27, 2016, Medtronic announced the price of 1.1 billion US dollars acquisition miniature implantable cardiac pumps and ventricular assist device manufacturers – heart piece Medical (Heartware International Inc., NASDAQ: HTWR ).
- April 5, 2017, Medtronic sold for $ 6.1 billion in patient care, deep vein thrombosis and nutritional deficiencies (Patient Care, Deep Vein Thrombosis and Nutritional Insufficiency) business to Cardinal Health (Cardinal Health).
- On September 20, 2018, Medtronic acquired Mazor Robotics, an Israeli orthopedic robot company, for US$1.64 billion.