>>> Medtronic Launches New E-Business, 'Medtronic.Com' <<<
Monday January 24, 1:58 am Eastern Time
Company Press Release
SOURCE: Medtronic, Inc.
Medtronic Launches New E-Business, 'Medtronic.Com'
Medtronic Teams With Microsoft and IBM to Develop Patient Management Systems
MINNEAPOLIS, Jan. 24 /PRNewswire/ -- Medtronic, Inc. (NYSE: MDT - news), today announced the formation of ''Medtronic.com'' to launch a new Patient Management Business involving collaborations with information technology leaders Microsoft Corp. and International Business Machines Corp. (IBM).
''Medtronic.com'' will be the focal point of a new Patient Management Business that will seek to leverage the convergence of biomedical and information technologies to provide new computer-based systems to help physicians manage people with chronic cardiovascular disease. The company expects that within 18 months, patients linked to the new systems will have direct connectivity to specialty care teams of physicians anywhere in the world, at any time, via an Internet-based program.
William W. George, Medtronic's chairman and chief executive officer, said that, ''These actions are initial steps in the implementation of our new Medtronic Vision 2010: Medtronic is the world's leading medical technology company, providing lifelong solutions for people with chronic disease. We believe we can serve these people and their physicians well by connecting them via the Internet to improve the quality of patients' lives while reducing the costs of their care. At the same time, Medtronic.com initiatives will establish new revenue streams from services provided by our management systems over the patients' lifetimes.''
George articulated three fundamental findings underlying the Vision 2010 and Medtronic.com strategies. First, George predicted that healthcare in the 2000s will be transformed by the rising power of empowered patients and consumers using the Internet to explore treatment alternatives and assume major decision-making roles for themselves and their families. Second, chronic disease accounts for 79 percent of healthcare spending and its management is a critical medical need. Third, technological advancements are resulting in the convergence of medical technology and information technology, enabling direct linkage between patients and their physicians.
Medtronic also announced that it has established collaborative relationships with Microsoft and IBM to provide the software and hardware for the new system. Microsoft's Windows 2000 and Windows 2000 server technology will provide the underlying operating system for the new Medtronic.com clinical system and, subsequently, Microsoft will provide a broad range of technologies for the Medtronic.com remote system that will connect physicians electronically with patients in their homes and remote locations worldwide. ''We are excited to collaborate with Medtronic on this visionary project for healthcare that will significantly impact the positive interaction between physicians and patients,'' said Rich Noffsinger, group manager for Healthcare at Microsoft.
IBM of Armonk, N.Y., will initially contribute hardware design and development for the Medtronic.com clinical system. Benchmark Electronics, Inc. (BEI), of Winona, Minn. will supply hardware assembly for the clinic system. Other partners may be designated in later phases of design and manufacturing for the Medtronic.com system.
Medtronic expects to make systems investments in Medtronic.com totaling more than $230 million. The company's Board of Directors has approved capital spending on the project for the 2000 through 2003 time period.
An initial design concept for the Medtronic.com clinic system includes a new personal computer-based programming device, the Medtronic Model 2090, located in major cardiology clinics and academic centers. A complementary device, the ''Extender'' system located in physician offices and other healthcare delivery settings worldwide, will allow a physician to interrogate and/or program a patient's implanted device from a remote clinical location. Patient and device data would flow to the Patient Management System where it could be analyzed and reviewed by physician specialists to optimize patient care.
Chris O'Connell, vice president, Medtronic Corporate Strategy, has been named vice president and general manager of the Patient Management Business. He will report to Steve Mahle, president, Medtronic Cardiac Rhythm Management.
O'Connell predicted that Medtronic.com ''will enable Medtronic to better serve both our physician customers and their patients by connecting them electronically on a secure basis from their homes and other remote locations.'' The new business unit, he said, ''will provide lifetime management services for people with chronic cardiac rhythm disorders and heart failure.''
Initiatives of the Patient Management Business in Cardiac Rhythm Management and heart failure are expected to be forerunners for Medtronic as other product areas execute projects that merge communications technologies with medical technologies such as sensors, smart devices, and visualization and intrabody navigation systems. It is contemplated that, eventually, the company's current web site, medtronic.com , will serve as a password-protected portal for access by patients and physicians to the secure Patient Management Systems.
''Medtronic is in a unique position to lead this transformation in healthcare delivery,'' said Glen D. Nelson, M.D., Medtronic's vice chairman. He noted that about 2.5 million patients worldwide now have cardiac rhythm management devices implanted in their bodies and that these devices collect a variety of physiologic data currently retrieved by physicians during office visits. ''Our system has one of the world's largest databases of clinical information related to cardiac disease,'' he said. ''Creating patient-physician connectivity will significantly leverage our medical technology in delivering better, more cost-effective care.''
Medtronic, Inc., headquartered in Minneapolis, is the world's leading medical technology company, providing lifelong solutions for people with chronic disease.
Any statements made about the company's anticipated financial results and regulatory approvals are forward-looking statements subject to risks and uncertainties such as those described in the company's Annual Report and Form 10-K for the year ended April 30, 1999. Actual results may differ materially from anticipated results.
SOURCE: Medtronic, Inc.
Medtronic Inc (NYSE:MDT - news)
Medtronic is executing on an aggreasive plan to lead healthcare industry in modernizing patient/doctor interaction.
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