There are many companies that have mission statements but not all of them are created equal. In order for a company’s mission statement to be effective it must be clear, concise, and helpful in guiding its actions. This blog will explore the Medtronic Mission Statement and how effective it is as well as its effectiveness in guiding the actions of their employees.
The Medtronic Company has been known since 1976 for producing some of the most technologically advanced devices in medical history. Headquartered in Dublin, Ireland, they have branches all over the world including one onsite within Stanford University’s Bio-X and iLab designed to meet cutting edge research needs.
What Is Medtronics’s Mission Statement?
Maintaining a firm commitment to the highest moral and ethical standards, Medtronic has a strong focus on the needs of their consumers. They are dedicated to using their cutting-edge systems and technology to improve patient outcomes worldwide. Their mission statement is “To restore people’s lives by developing and delivering innovative medical technologies” (Medtronic).
Medtronics Mission Statement Analysis
While the mission statement expresses good intentions, it lacks key elements necessary for it to be effective in guiding employee actions.
For a mission statement to be effective, it must first be clear.
What Is Medtronics Vision Statement?
Each of Medtronics activities are directed by their vision statement, “To be the best medical technology company in the world and revolutionize lives through medical technology” (Medtronics).
Medtronic Vision Statement Analysis
The mission statement does a good job of communicating what it is that Medtronic stands for but it lacks direction. This lack of direction can lead to confusion within employees as to how they should be achieving this mission. Many employees look to the vision statement as a sort of guide or map which can aid them in their everyday interactions and decision-making within their work place environment.
What Are Medtronics Core Values?
Medtronics core values are “patience, passion, progress, accountability and participation” (Medtronics).
Medtronic Core Values Analysis
The core values of Medtronics are effective in guiding their actions within the company. Medtronics has a core set of values represented within their mission statement and on their website that its employees must adhere to. They have even created an entire booklet that shows these core values and how they can be used in daily life (Medtronics).
What Is Medtronics Problem Based Approach?
Medtronic has a problem-based approach where the company will analyze a situation and work collaboratively with the client to determine the best solution. This is accomplished by taking the raw data about their customers, as well as previous products, research findings, and other research results and using it to come up with new products that are better than anything else currently available.
The history of Medtronics is full of success and innovation.
McCarthy was at a restaurant in Minneapolis in 1950 when he met Earl Bakken, who had an idea for a heart pacemaker. The two worked on the device in McCarthy’s garage, with Bakken providing technical expertise and funding. McCarthy sold his patent to Medtronic for $3 million in 1960. One of the first products was developed for Minnesota Vikings football player, Chuck Foreman, who could not play without a pacemaker after suffering a heart attack. In 1969, Henry Heimlich invented the anti-choking “Heimlich maneuver”.
The data analysis was done and it was determined that the major cause for detecting falls is the old fashioned way of using a walker. They took that conclusion, and used it to design a new product called the Marathon Walkers, which are one step aids that help people move safely around their home.
Although McCarthy eventually sold his patent to Medtronics for $3 million in 1960, it resurfaced again in 2004 when Medtronic sued 3M and its subsidiary Cilag for copyright infringement. The lawsuit claimed that 3M had infringed on McCarthy’s patent by using a viral vector in its Pneumovis vaccine coatings formulation, and Medtronic won an injunction against further sales of these coats.