Techconnect News interview with Michael Hill, VP Science, Technology & Clinical Affairs for Medtronic.
What are technology solution areas that you have a primary interest in?
Medtronic is guided by our mission to contribute to human welfare. We’re committed to developing meaningful solutions at all levels in healthcare—procedural, therapeutic, and in healthcare systems. In technology, we’re focused on many technology areas, including everything from materials and biomarkers to power and sensors. We also recently initiated a partnership with the Advanced Regenerative Manufacturing Institute (ARMI) with the intention of advancing regenerative medicine and tissue engineering.
What level of commercial maturity do you typically look for in partnerships?
We believe innovation is a team sport, whether those teams are made up of our employees or involve external partners. The global challenge of reducing healthcare cost while improving outcomes cannot be tackled by just one company or organization—partnerships are key to advancing these goals. When assessing any strategic partnership, we start with an unwavering commitment to placing patients first. We look for a situation where we can bring something to the table and the partner brings also something unique. In research and technology, we focus a lot of energy on partnerships with universities and consortia. In assessing acquisitions, Medtronic tends to focus on businesses that are commercialized and operating.
Please describe your company’s innovation model and how this model helps find new innovations.
Any innovation must be meaningful to patients, have appropriate evidence, and drive outcomes and value in the healthcare system. Medtronic has a long history of meaningful innovations in health care. In recent years, we’ve expanded our definitions from a therapeutic focus to also look at innovating in health systems. For any of this, we look at the veracity of a concept, ensure we’ve got capabilities either internally or with partners, and confirm the result will address unmet needs and value. It’s crucial that in addition to working with clinicians and academics, we partner with regulators and government bodies to ensure these solutions are made available to patients that need them.
Why work with the TechConnect National Innovation Conference as a technology and early stage company prospector? Who are you looking to meet with?
The TechConnect National Innovation Conference is a terrific opportunity to connect across many different disciplines and types of organizations. Diversity is an important driver of innovation and we hope to meet with people and groups who are passionate about advancing innovation and seeking intersections of discovery.
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