With a global presence in over 150 countries, Medtronic has a deep footprint in the Cardiovascular, Medico-surgical, Neuroscience and Diabetes MedTech industries.
We are pleased to report that in our mission to relieve pain, restore health and extend life, we positively impacted over 72 million patients during the year despite the challenges of pandemic.
With our talented workforce of 90,000 and over 49,000 patents in our portfolio, fiscal 2021 saw us move forward with over 300 ongoing clinical trials. The source of our $ 30.1 billion in revenue for the year is as follows: 51% in the United States, 33% in non-US developed countries and 16% in emerging markets.
Open to partnerships
Energized by current and future prospects, Medtronic is seeking new commercial partners with commercialized products to leverage our strength to continue to reach new markets and patient populations with technologies that will improve patient health on a larger scale.
Further strengthening our offering, Medtronic benefits from an experienced sales team and infrastructure in most countries. We invite innovative scale-ups and small and medium-sized businesses with off-the-shelf products to strike up a conversation; let’s assess whether our resources would be well suited to support product growth in new geographies.
Winning share in several companies
Medtronic is accelerating its growth through the combination of a strong core business, recent product launches and a strong pipeline. With a constant stream of product launches, we are leveraging our pipeline to gain stakes in a growing number of companies. And we are constantly learning, growing and evolving. Making several changes throughout the company to make Medtronic more agile, decisive and competitive, the only constant is progress.
Create and disrupt large markets
With our strong pipeline targeting meaningful growth opportunities, Medtronic brings inventive and disruptive technology to great healthcare opportunities. We are further accelerating our growth to capitalize on new multi-billion dollar markets. Through its venture capital arm, we partner with like-minded companies, investing in growth opportunities in both devices and digital health.
Important growth markets include:
Improve our growth profile in emerging markets
Supported by market diversification and differentiated strategies, we have experienced significant growth over the past decade, growing from $ 1.5 billion to $ 4.8 billion in revenues in emerging markets. Through a combination of channel optimization, functional capabilities and location, we make the most of our opportunities. Our extensive channels provide an enhanced direct presence and well-aligned distribution partners. Our functional capabilities encompass both regulatory and government affairs. And finally, our location strengthens our local manufacturing capacities, our innovation incubators and our training centers. This dynamic mix of resources provides a strong capacity for partnership and successful launch of commercial products into new markets.
Stimulating innovation over the next decade: transferring technological advances to MedTech
Here are some examples of how we apply the most elegant science of technology to improve MedTech innovations:
Remote monitoring and programming
Added advanced capabilities in heart rate, diabetes insulin pumps and ventilators, among others
Lead the development of robotics in the spine and skull; prepare to enter soft tissue
Wafter scale manufacturing
Drive new capacities and reduce product costs
Data, AI and machine learning
Leading this new frontier of MedTech innovation by collecting data, developing custom algorithms, and implementing solutions that improve outcomes and create better experiences for patients and physicians
Continuous investment in our innovation pipeline through creative capital allocation
In fiscal 2022, our organic R&D spending forecast is over $ 2.7 billion, 10% more than in 2021. Through seven mergers and acquisitions, we have invested 2, $ 3 billion in fiscal 2021. We have minority investments in 40 companies worth $ 500 million. Through strategic partners, we have access to third-party investments to leverage our own R&D investments and accelerate our growth.
Partnership with Medtronic EMEA
If your innovative medical technology or digital health company has a commercialized product / portfolio that is complementary to our portfolio and you would like to explore opportunities for collaboration to grow your business, please contact me, Ralph BMH van Aken, via ralph.vanaken @ medtronic.com.