Medtronic is one of the leading medical device companies which primarily sells to the U.S healthcare system. While its biggest market is the US, it is based in Ireland. Despite the company had its fair share of controversies, it still is amongst the largest in the world operating in 140 countries and with nearly 100,000 employees.
One of the best ways to get a glimpse into Medtronic as a company is to look closely at their mission and vision statements.
Medtronic Mission Statement Analysis
Medtronics’s mission statement is: “To contribute to human welfare by application of biomedical engineering in the research, design, manufacture, and sale of instruments or appliances that alleviate pain, restore health, and extend life.”
The first part of Medtronic’s mission statement, “To contribute to human welfare…” is perhaps the most telling of its entire statement. The company’s mission to help humanity and it does that by investing in the design, research, and manufacturing of medical instruments. However, there is one aspect of the company’s mission statement which seems to be less apparent the first time you read it.
The fact is that Medtronic while selling an array of medical products, continues to focus a lot of its attention on pain alleviation, and life extension. That’s evident from their mission statement “alleviate pain, restore health, and extend life.”
However, the extension of life via an instrument is purely subjective, and the fact that the company mentions this is somewhat strange because all medical appliances in one way or the other extends life.
Medtronic Vision Statement Analysis
Medtronic’s vision statement is: “(develop) innovations and implants that will cover virtually all of the human body.”
The vision statement appears to be a mirror image of the mission statement, but that’s only at first look. If you read it carefully, it has two parts. The first is the obvious i.e. “(develop) innovations…” The company already invests heavily in developing new products but these are a particular type of innovation that leads us to the second part of the vision statement.
“implants that will cover virtually all of the human body.” This is an interesting part of the vision statement because it singles out implants and those too ones which cover the entirety of the human body. While we can speculate as to what these implants may do, the fact is that the company has been known to work on numerous types of implants over the years.
The mention of “cover virtually all of the human body” is strange. It may allude to prosthetics, but it is hard to tell.
Medtronic Core Values Analysis
Medtronic’s core values are: “shape, engage, innovate, achieve.”
Medtronic’s core values similar to its mission statement, focus on innovation, engaging, and achieving. The company has over the years, proven itself more than worthy when it comes to engaging with people and driving innovation. It has achieved a great deal of success and with that, they have inspired others to be successful too. However, the value “shape” is vague most experts agree that they are alluding to shaping the future of the medical industry.
Image Credits: Tony Webster from Minneapolis, Minnesota, United States [CC BY 2.0 (https://creativecommons.org/licenses/by/2.0)]
