• Founders: Earl Bakken (graduate student at University of Minnesota, worked part-time repairing lab equipment) & his brother-in-law, Palmer Hermundslie – originally they set up in a garage
• External defibrillators, forceps, animal respirators, cardiac rate monitor, and physiologic stimulator
• First notable contribution: wearable, battery-powered cardiac pacemaker – previous pacemakers depended on external power source
• Worked with Dr Lillehei, a heart surgeon from University of Minnesota Medical School
• In 1960, Drs William Chardack and Andrew Gage at the Veterans Hospital in New York and Wilson Greatbatch, an electrical engineer, developed an implantable pacemaker, which Medtronic bought the rights to.
• By 1961 the company had outgrown its small quarters and moved to a 15,000 square foot facility in St. Anthony Village in Minneapolis.
• In the mid-60s, they adopted minimally invasive techniques, using a transvenous pacing system.
• In the 60s and 70s the company continued to grow and gain more international business, and set up headquarters overseas as well.
• In the 70s and 80s they focused on treating more conditions, adding a Neurological divison, and a Heart Valves division.
• 1985 – New president and chief executive officer, Winston R Wallin.
• 1989 – New president and chief executive officer, William W George
• 1990s – partnerships with other healthcare professionals, such as the Cardiovascular Alliance.
• In 2001, they company established a new world headquarters in Fridley, Minnesota.
• In 2000s, shifted to disease management, with efforts led by CEO Art Collins
• In 2007, Bill Hawkins assumed the key leadership role at Medtronic. Looking towards overall disease management, from prevention to post-treatment
Sources:
http://www.mmf.umn.edu/bulletin/2007/fall/lookback/index.cfm
http://www.sahha.gov.mt/pages.aspx?page=666
http://www.medtronic.com/about-medtronic/our-story/
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