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Tuesday, October 12, 2010

Medtronic

Before I started this semester, the only place I had ever heard of Medtronic was at work. There are some underwriting cuts that air over NPR as part of morning edition that promote the Medtronic foundation. I assumed the company had something to do with medicine, but really didn't know exactly what it was or what the extent of their operations were. I do now.

We toured the Medtronic facility in Morges, Switzerland today, Oct 12, 2010. I must say that I was thoroughly impressed with the facility and our presenter. He was great - not just because he was working for Medtronic, but because he was from Utah. We Huntsman Scholars completely forgive him for going to the U, and are very grateful for the fantastic tour and company history that we were able to receive from him.

We talked a lot about corporate social responsibility with this gentleman, whose name I forget just now. In a case study that we read before visiting the Medtronic facility, Medtronic's mission statement is to bring high quality health care and improve the lives of their patients. Medtronic has done that. They have continued to fulfill their mission statement for hundreds of thousands of people every year. An interesting statistic that I heard was about the frequency at which Medtronic pacemaker devices are used: a Medtronic pacemaker device is implanted in a patient every 5 seconds.

With such a large customer base, and with a product line that can potentially be life-threatening to the customer if something goes wrong, Medtronic is absolutely as careful as possible to do everything in its power to avoid product malfunction. Should there even be a risk of problems, and should medtronic become cognizant of this problem, they immediately notify every customer who can be affected by such problems and make remedial options available to consumers. At times, this can be a very costly procedure, and so Medtronic has a large incentive to get their product as correct as possible the first time around. Talk about a business where customer feedback translates directly to your bottom line. If there is a business in which reputation for consistent quality means everything, it's the pacemaker business.

I learned that business is not always about making a buck today. While making money is important - nay, essential - for a business, it may not always be the most important thing. Medtronic betters the lives of hundreds of thousands of people annually, and for that service, Medtronic is paid handsomely. Medtronic then turns and gives back to the patient and the community through the Medtronic foundation and through the development of new, improved life-saving products. Seeing the development and humble roots of the company and seeing where that company has come was very impressive.

This institution was also the first implementation of lean production that I've ever seen. I thought it was unique and interesting. Today was a very quality visit.

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