|Collins Calls Upon Industry to Join in Concerted Effort to Improve Patient Access to Breakthrough Medical Technologies|
Medtronic, Inc. (NYSE:MDT) today announced that Chairman and Chief Executive Officer Art Collins will serve a two-year term as chairman of the Advanced Medical Technology Association (AdvaMed), effective March 6, 2004.
In his inaugural address to AdvaMed members this morning, Collins noted, "Never before has medical technology had such an extraordinary capacity to prevent, diagnose and treat disease. However, we are facing significant obstacles that increasingly limit patients' access to the medical technology they desperately need." Collins continued, "I challenge our industry to take a more collaborative approach - and a stronger leadership role - in finding innovative solutions to the challenges we face. The patients who could benefit from our breakthrough medical technologies are counting on us to champion this cause."
In support of improving patient access, AdvaMed today announced an initiative that will drive continued progress towards these goals. AdvaMed has established the Institute for Medical Technology Innovation, a new and independent foundation that will partner with thought leaders and research institutions to quantify the value of medical technology innovation and then broadly disseminate the results. Work of the Institute will soon be underway.
AdvaMed is the world's largest association representing manufacturers of medical devices, diagnostic products and medical information systems. AdvaMed's more than 1,100 members and subsidiaries manufacture nearly 90 percent of the $75 billion of health care technology products purchased annually in the United States, and more than 50 percent of the $175 billion purchased annually around the world.
Medtronic, Inc., headquartered in Minneapolis, is the world's leading medical technology company, providing lifelong solutions for people with chronic disease. Its Internet address is www.medtronic.com.