Despite being rivals in the blood oxygen diagnostic fields, Medtronic (NYSE:MDT) said it is joining Masimo (NSDQ:MASI) CEO Joe Kiani’s Patient Safety Movement Foundation with a $5 million, 5-year commitment.
By joining the program, Medtronic will provide $5 million over 5 years and share anonymized data from its medical devices to help develop analytic programs to help improve patient safety, according to a Patient Safety Movement Foundation release.
In addition, Medtronic CEO Omar Ishrak is slated to join the Patient Safety Movement Foundation’s board of directors.
“At Medtronic, we’re committed to improving the lives of people through our medical technologies and services. Joining the Patient Safety Movement is a natural fit. We are very impressed by the progress the Patient Safety Movement has made in focusing the healthcare industry on eliminating preventable deaths. To get to zero preventable deaths, all parties will have to work together. Our pledge is to work closely with the Patient Safety Movement Foundation and share our data to help eliminate preventable deaths,” Ishrak said in a press release.
By joining the group, Medtronic pledged to “allow access to all available acute clinical data generated by their products used in hospitals and in outpatient settings” to parties looking to use the data to reduce complications and deaths.
“We are very happy to have Medtronic join the Patient Safety Movement. Medtronic has a rich history in making technologies that improve patient care, with products throughout hospitals, that will now be able to feed data into each Patient’s Data Superhighway for the benefit of each patient. We are equally excited to have Omar join our Board. Omar is a visionary leader, and we know he will be a valued member of our Board. Medtronic’s pledge and grant will greatly help us achieve our goal of zero preventable deaths by 2020. We are now a giant step closer to creating the Patient Data Superhighway that will significantly improve patient safety. Data sharing is an inevitable part of the science and business of medical innovation. It is the right thing to do, and visionary companies are beginning to realize how important it is to share data. We commend Medtronic for putting patient safety first and joining us to eliminate preventable deaths in hospitals,” Kiani said in a prepared statement.