By: Shaye Mandle, President & CEO, LifeScience Alley
LifeScience Alley, the nation’s largest regional life science industry association, welcomes the news that Medtronic, the world’s leading provider of medical technology products, services and solutions, is acquiring Covidien, a leading global healthcare technology and medical supplies provider.
Both companies have made significant contributions to Minnesota’s life science communities and to patients worldwide. As the medical technology and healthcare industries undergo revolutionary change, it is only fitting that these leading organizations with headquarters and significant operations in Minnesota’s Medical Alley are positioned to lead the charge on innovation and cost-reduction in the U.S. and global healthcare markets.
This acquisition allows the new Medtronic plc to utilize its $14.5 billion in offshore capital for investment in U.S. and global innovation that will drive the future of healthcare. We’re excited about the combined company’s commitment to invest $10 billion over the next 10 years in the U.S., and we’re thankful that Minnesota will remain home to the new corporation’s operational headquarters.
We know that Minnesota will continue to be a key driver of medical technology innovation and that our expertise will benefit from Medtronic’s growth and investment.
Medtronic and Covidien in Minnesota
Medtronic, headquartered in Minnesota since its inception in 1949, now employs approximately 8,000 people in the heart of Medical Alley.
Covidien (then Tyco Healthcare) began its Minnesota presence with approximately 200 employees in the 1990s. Through the 2010 and 2012 acquisitions of ev3, CNS Therapeutics and superDimension, the company has invested heavily in our life science community and grown that presence to nearly 1,100 employees. The combined company will maintain operational headquarters in Minnesota and has committed to creating 1,000 jobs in the state over the next five years.
Medtronic plc will also be investing $10 Billion in U.S. medical technology over the next 10 years. Given Minnesota’s prominence as a global center of medical innovation and the value of the medtech industry nationally as a net export business, this investment stands to benefit our state, our country and patients worldwide.
About the author: Shaye Mandle has served as the President & CEO for LifeScience Alley since May 1, 2014. Previously, Mr. Mandle served as the Association’s Executive Vice President & COO and was responsible for aligning internal operations with organizational strategy and overseeing advocacy efforts and key external relationships. Prior to serving as Executive Vice President & COO, Mr. Mandle served as the Association’s Vice President of Government & Affiliate Relations. Mr. Mandle has nearly 20 years of experience in government, the private sector and academia, leading organizations, public affairs and political activities.