Medtronic has been selected for Fortune Magazine's 2020 ‘Change the World’ list that ranks companies on four criteria: measurable social impact; business results; degree of innovation; and corporate integration.
An innovative response to crisis
In its annual list recognizing companies that address social challenges through their core business efforts, Fortune recognized Medtronic's swift efforts in mobilizing its global supply of ventilators during the COVID-19 pandemic.
Like many large companies, Medtronic often measures breakthrough ideas in months or years – but as COVID-19 spread across the globe, the company became a catalyst for rapid innovation to contribute to society. Medtronic teams realized early the global demand for ventilators would significantly outpace supply.
Within several months, Medtronic increased its ventilator production fivefold from pre-pandemic weekly production of less than 200 per week to 1,000 per week in June 2020.
Sharing knowledge with the world
When it became clear that one company alone could not meet the critical global supply need, Medtronic made the decision in March to open-source design specifications for its portable, compact ventilator for other companies to use. In the first few weeks, the design files were accessed 200,000 times.
Medtronic also worked with the U.S. Food and Drug Administration to authorize emergency use of this ventilator in the United States.
“We are humbled to be selected by Fortune for this prominent recognition,” said Geoff Martha, CEO of Medtronic. “Being included in this year’s list is a special honor given the breadth of action we’ve seen companies take this year to tackle societal needs. Our efforts to increase the time-sensitive demand for ventilators in response to COVID-19 demonstrates the Mission-driven action that Medtronic employees continue to take every day to put patients first with bold leadership, inspiring innovation, and inventive partnerships.”
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