Medtronic (Shanghai) Management Co., Ltd., founded in 1949 in the United States, is a global leader in pacing technology, an early inventor of portable external pacemakers, and a medical technology company committed to providing lifelong treatment options for patients with chronic diseases, and acquired Covidien Medical in 2015
Medtronic was founded on April 29, 1949 by Earl E. Bakken and Palmer J. Hermundslie in Minneapolis, Minnesota, USA. In the fiscal year ended April 2014, Medtronic had global revenues of more than $17 billion. In June 2014, Medtronic announced the acquisition of Covidien Medical for $42.9 billion, and after the merger, Medtronic will become the world's largest medical device company with annual revenues of more than $27 billion and nearly 90,000 employees.
Since entering China in 1996, Medtronic has grown rapidly to provide a wide range of advanced products and therapies including pacemakers, Endeavor stents, insulin pumps, spinal implants, pacemakers, cardiac surgery, and ear, nose and throat devices. In addition to Medtronic Greater China headquarters, pacemaker production line and logistics center in Shanghai, Medtronic also has 10 offices in Chinese mainland and branches in Taiwan and Hong Kong, with a production, management and technical support team of more than 1,500 people, and has directly served nearly one million patients for more than 10 years.
In 2008, Medtronic and Shandong Weigao Group jointly established Medtronic Weigao Orthopedics Co., Ltd., which took an important step towards localization. On August 8, 2010, Medtronic cooperated with the Center for Cardiovascular Disease Prevention and Treatment of the National Health and Family Planning Commission to establish the first health care center, providing many patients with chronic diseases and their families with the opportunity to directly dialogue with experts and discuss treatment options. In March 2011, Medtronic's new headquarters in Greater China was inaugurated in Shanghai Zhangjiang Hi-Tech Park, marking Medtronic's determination and confidence to take root in China. On August 28, 2012, Medtronic Shanghai Innovation Center was officially established, marking the beginning of Medtronic's chapter of "R&D in China, Use in China". In November 2012, Medtronic announced the formal completion of the acquisition of Kanghui (China) Holding Co., Ltd., with an acquisition amount of US$816 million, becoming the largest M&A event in China that year.
On July 28, 2014, Medtronic and Lifetech announced the expansion of their strategic partnership to eventually provide Chinese patients with cardiac pacemakers manufactured in China. Under the terms of the agreement, Lifetech will establish a pacemaker manufacturing hardware and software facility at its facility in Shenzhen, China, and develop a new product portfolio including pacemakers and leads. Medtronic will provide specific technology, training, and support for Lifetech's plans to enter the Chinese cardiac pacing market.
On August 4, 2014, Medtronic signed a strategic cooperation agreement with the Chengdu Municipal Government, and set up a Medtronic kidney care business center in Chengdu High-tech Zone, and invested in the construction of a new and portable kidney dialysis equipment production line, which is suitable for clinic and non-hospital environments.
Over the past 10 years, Medtronic has donated and funded more than 30 million yuan in China. For example, Medtronic has funded a three-year healthy heart education program in China for the World Health Foundation, which has trained more than 1,800 Chinese grassroots doctors. In 2007, Medtronic's themed charity activity "Wings of Dreams" donated state-of-the-art insulin pumps to 30 diabetic adolescents to help them return to normal life. After the Wenchuan earthquake, Medtronic donated a total of 4.4 million yuan in cash and high-end medical equipment to the disaster area.
In terms of R&D, Medtronic invests 10% of its annual revenue in the development of new technologies and products, ensuring its position as a pioneer in the medical industry. Medtronic also has an in-depth understanding of disease states, researches different technology combinations and optimal treatment measures, and gradually realizes the leap from "medical equipment" to "disease management" according to its own industry direction.
On January 27, 2015, Medtronic Inc. (NYSE: MDT), a leader in global medical technologies, services and solutions, announced that it has successfully completed the acquisition of Covidien (NYSE: COV). Under the terms of the merger agreement, Medtronic Inc. and Covidien plc merged to form Medtronic plc. Medtronic Inc. shares will begin trading on the New York Stock Exchange on January 27, 2015.
