Book contents
- Frontmatter
- Contents
- List of figures
- List of tables
- Preface
- Acknowledgements
- Part I Corporate crisis, leadership and governance
- Part II Rethinking the firm's purpose
- 2 The firm's mission and purpose
- 3 The firm as a respected institution
- Part III The role of corporate governance in developing a respected company
- Part IV Leading and growing a respected company
- Bibliography
- Index
2 - The firm's mission and purpose
from Part II - Rethinking the firm's purpose
Published online by Cambridge University Press: 06 December 2010
- Frontmatter
- Contents
- List of figures
- List of tables
- Preface
- Acknowledgements
- Part I Corporate crisis, leadership and governance
- Part II Rethinking the firm's purpose
- 2 The firm's mission and purpose
- 3 The firm as a respected institution
- Part III The role of corporate governance in developing a respected company
- Part IV Leading and growing a respected company
- Bibliography
- Index
Summary
INTRODUCTION
In the field of health care, disease management has grown in importance. This new approach is key to both improving patients' quality of life and helping to contain ballooning health-care costs. In particular, patients suffering from chronic diseases stand to benefit greatly. Medtronic, a US firm with headquarters in Minnesota, whose market value was approximately $35bn at the end of April 2009, is one of the world's leaders in developing this concept.
Medtronic was founded in April 1949 by Earl Bakken and Palmer Hermundslie. Initially, its focus was on the repair of electronic hospital equipment, especially delicate laboratory equipment. Eventually, the company started to manufacture and sell medical equipment in the Upper Midwest; it also produced some custom-made products. In 1957, Bakken invented the first wearable pacemaker.
From those beginnings, Medtronic began growing globally. By the end of 2008, it was operating manufacturing facilities, research centres, sales offices and education centres in more than 120 countries. Among its most important contributions to the health-care field was the idea of disease management, an innovative concept that started with Bill George, Medtronic's chairman and CEO from 1989 to 2001, and Art Collins, who replaced George in 2001. The purpose of disease management is to help develop long-term strategies for chronic diseases, which are growing more prevalent around the world and garnering ever-rising treatment costs. A key innovation linked to this concept is the Medtronic CareLink Network.
- Type
- Chapter
- Information
- Building Respected CompaniesRethinking Business Leadership and the Purpose of the Firm, pp. 35 - 64Publisher: Cambridge University PressPrint publication year: 2010