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Building Medtronic Globally By Omar Ishrak

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  1. Summary
  2. Problems faced by Medtronic Company
  3. Tentative solutions
  4. Advantages and disadvantages of the solutions
  5. Criteria for analyzing the problem
  6. Time taken to implement the solutions
  7. Conclusion

Medtronic was founded in 1949 by Earl Bakken and Palmer Hermundlie in Minneapolis, Minnesota as a small medical repair shop that served medical manufacturers. Despite expanding its business share in Africa, Australia, Canada, Cuba, Europe, and South America and increasing it revenues close to $500,000, Medtronic was running out of its revenues in early 1960s. It continued to fight for its existence through making various innovations when Osmar Ishrak came in as the CEO in June, 2011. Osmar used the lessons learned from his former company, GE medical systems to restore Medtronic's growth. He was tasked with a magnitude task of reviving the already falling business that its product revenues were either stagnated or were declining year after year. Osmar noted that the company needed to improve clinical outcomes and maintain high quality standards to increase the global access and reduce cost pressure in order to address the changing healthcare environment and improve its sales.

[...] The company innovated a renal denervation system that controlled blood pressure in hypertension resistant patients. It led to the invention of the Core Valve and the CareLink Express Services. Ishrak initiated structural changes to globalize Medtronic through emphasizing on emerging markets and by seeking ways to increase the revenues in developed markets. Omar's first step on the road to realizing these goals was the clarification of the business's confusing matrix. He aligned global sales teams in all the global markets that reported directly to him. [...]

[...] The company's markets were not growing nor did the future promise a better future. The slow growing developed markets accounted for 86% of Medtronic's sales, some of which were gradually declining. Osmar came up with solutions to curb these challenges that were leading to the fall of the company. He restored the company's product innovation engine through defining new medical therapies and globalizing the organization. He clarified the organization's confusing matrix through assigning different presidents in the various markets to take track and control of the markets and report to the main office. [...]

[...] Medtronic, through its CEO, embarked on alternative strategies of increasing the market share of its products and develop new medical therapies and deploy high operating cash to make acquisitions and expand into highgrowth medical therapies. Special executive committees were set to discuss these resolutions. Bibliography An interview with Medtronic's Omar Ishrak - Building on the triple pillars of execution, globalization, and innovation, Omar Ishrak is positioning Medtronic for a new medical device marketplace. (January 14, 2013). Gray Sheet 11-12. Parmar, A. (July 01, 2013). How one tweet from medtronic CEO Omar Ishrak changed a patient's world. Medical Device and Diagnostic Industry 7.) Cassak, D. (January 01, 2012). [...]

[...] In 1974, the company faced a major crisis after tens of thousands of its Xytron pacesetters were recalled back from the 70 market countries due to battery failures. The management failed to respond quickly to the matter that led to severe reputation damage and loss of market share. In 1985, the company faced another pacemaker crisis when 6972 failed. The company also faced internal denials and investigations from the United States Food and Drugs Administration that resulted to decline in Medtronic's sales for two decades. [...]

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