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Presenter Disclosure Information William Hawkins Chairman and CEO, Medtronic Inc. FINANCIAL...
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Transcript of Presenter Disclosure Information William Hawkins Chairman and CEO, Medtronic Inc. FINANCIAL...
Presenter Disclosure Information
William HawkinsChairman and CEO, Medtronic Inc.
FINANCIAL DISCLOSURE:Chairman and CEO, Medtronic Inc.
UNLABELED/UNAPPROVED USES DISCLOSURE:N/A
Bill HawkinsChairman and CEO, Medtronic
November 16, 2009
Collaboration, Innovation and Restoring the Public Trust
Medical technology has enabled remarkable advances in the treatment of chronic diseases
Implantable cardiac pacemaker
Heart valves
Implantable defibrillator
Coronary stents
Balloon angioplasty
CAT scan
Cardiac resynchronizationPerfusion systems
Beating heart surgery
Transvenous leads
External pacemaker
Insulin pumps
MRI & advanced imaging
60% reduction!60% reduction!
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Collaboration is vital to the medical technology “innovation ecosystem”
Regulators
Medical Associations
Policymakers
Clinical Community
Hospitals Academia
Industry Advocacy
Physician-industry collaboration plays a critical role
Physician collaboratio
n
Invention and New Ideas
Selection Criteria and Indications
Implantation Techniques and
Technologies
Clinical Insights
Product Improvement
Clinical Trials and Regulatory
Support
Training and Education
Long-term Performance Assessment
Many of today’s most important medical devices are the result of collaborative innovation with physicians
Diabetes
Cardiovascular Disease
Cardiac Rhythm Disorders
Neurological Disorders
Spinal Conditions Musculoskeletal Trauma
This is particularly true in the areas of education and training and essential to the well-being of patients
• Different from pharmaceuticals
• “Bedside to bench to bedside”
• Therapies are sophisticated and procedure-based
• Expert training optimizes therapy effectiveness
• Demanded for patient safety
Trust in this model has been eroded as a result of highly publicized conflicts of interest
TUESDAY, AUGUST 18, 2009
Probing Doctors’ Ties to IndustryBy Ibby Caputo
Report decries drug makers’ perksfor MDs; Providers of care are urged to shun financial benefitsBy Matthew Perrone
April 29, 2009
Side EffectsAre Doctors’ Loyalties Divided?Faculty disclose outside paymentsSome UW doctors get 6-figure sums from drug, medical firmsBy John Fauber
JUNE 21, 2009JAN. 27, 2009
Lawmakers Reintroduce Bill on Industry-Physician Gifts
Grassley works to disclose financial ties between drug companies and doctors
JAN. 22, 2009
Senator Chuck Grassley News Release
TUESDAY, MAY 19, 2009
Senator Asks About Doctor Who Army Says Falsified G.I. StudyBy Barry Meier and Duff Wilson
Medtronic has always been a leader in this area
• Aligned with our mission
• Defines our culture and values
• Cornerstone of our ethics and compliance program
• Provides clear policies and guidance for business practices, including our customer interactions
• Required for all employees worldwide
• Early champion: AdvaMed Code of Ethics
As an industry we have made progress…
Edwards Lifesciences to Disclose Financial Relationships with U.S. Physicians
Eli Lilly to Launch Physician Payment Database
Physician Payment Sunshine: Merck Joins the Act
Medtronic to Voluntarily Disclose Payments to U.S. Physicians
…but we can and MUST do better
The Physician Payments Sunshine Act
An important first step towards transparency
Key component of healthcare reform
Levels the playing field
Provides a uniform standard
Proprietary information must be protected
Our evolving approach will continue to reinforce the benefits of collaboration while restoring the public trust
[REINFORCEREINFORCE [REINFORCEREINFORCE
Principled basis for industry and physician collaboration
Sanctity of MD-patient relationship
Minimize biases that could affect the objectivity required for optimum medical decision making
Defined needs and roles
All physician roles will be defined and disclosed to demonstrate their intentions
All work will meet pre-specified needs
Transparency and external oversight
Physician activity will be documented and disclosed to the public
Engage objective external medical, social, and ethical experts to review our practices
We will continue to lead consistent with a set of principles that will guide our path forward
Angelina HendersonU.S.Cardiac Resynchronization Therapy to treat congestive heart failure
Chima MiyaoriJapanMicrodebrider to remove tonsils causing sleep apnea
Lina TedescoItalyInterStim Therapyto treat voiding dysfunctions
Renan AltendorffBrazilInsulin pump to control diabetes
David MangramU.S.Intrathecal Baclofen Therapyto treat symptoms of stroke
Irene ChettiarIndiaActiva DBS Therapy to treat Dystonia
It’s not just about “Public” trust, it’s about THEIR trust