Embracing the Olympic Spirit in Medtech and Beyond

I’m working from my city’s brand-new public library today where I’m surrounded by a vibrant sense of community.

From shared puzzle tables to artwork featuring local faces from all walks of life, the atmosphere reminds me of the Olympic spirit—where athletes who usually compete against one another come together as a team, united by a common goal. It's a celebration of diversity and collaboration, where differences are embraced and collective strength is celebrated, much like the community here in this library.

MD+DI Senior Editor Amanda Pedersen works on a community puzzle at the Galesburg Public Library in Galesburg, IL

It also reminds me of this week’s big news that Medtronic and Abbott are coming together in an unlikely team-up to develop an integrated continuous glucose monitoring system (iCGM). Abbott plans to design the device based on its FreeStyle Libre technology and it will connect with Medtronic’s automated insulin delivery (AID) and smart insulin pen systems.

We typically see Medtronic and Abbott as rivals, given their first and second positions, respectively, as the top medical device companies in the world based on revenue. So, the news did come as a surprise to those of us watching from the peanut gallery.

But just as it was encouraging to see USA’s Katie Ledecky and Australia’s Ariarne Titmus clasp hands in triumph after the women’s 800-meter freestyle final in swimming, Medtronic and Abbott’s collaboration to advance diabetes technology for patients is something to celebrate.

USA's Katie Ledecky (L) celebrates with Australia's Ariarne Titmus after winning the final of the women's 800-meter freestyle swimming event during the Paris 2024 Olympic Games on August 3, 2024. Image credit: MANAN VATSYAYANA/AFP via Getty Images

“We think this will help open the market for both companies given their respective competitive positions and installed base in the Type 1 CGM and AID market,” writes Marie Thibault, a medtech analyst at BTIG and a former MD+DI editor. “However, this is still very much a coopetition arrangement.”

What she means by that is the CGMs Abbott will develop for Medtronic will only be operable when paired with Medtronic’s systems and won’t be available as a standalone CGM. Medtronic also will continue to advance its own CGM platform while also investing in next-generation sensors, Thibault noted.

“Overall, we think this partnership is a win for both companies since it can help drive increases in their respective installed base without stepping on each other’s toes,” Thibault continued. “It’s also a win for patients who will now have more choices to mix and match devices from competing manufacturers.”

And while a Medtronic-Abbott team-up was unexpected, it confirms my belief that the diabetes tech space is the most collaborative sector in medtech. Over the years we’ve seen Abbott work with Tandem, Dexcom team up with Beta Bionics and Tandem, Insulet and Dexcom integrate diabetes technologies, and even a collab between Abbott and WeightWatchers. So perhaps instead of seeing the Medtronic and Abbott partnership as a surprise, we should ask why it took so long for these two medtech titans to join forces for a common goal?

In a world all too often marked by competition and division, it's heart-warming to witness moments of unity, whether in the realm of sports or in the innovation of medical technology. Just as elite athletes come together during the Olympics to strive for a common goal, so too have Medtronic and Abbott set aside their rivalry to collaborate on a project that could greatly benefit patients worldwide.

This partnership serves as a powerful reminder that when we unite, transcending competition for the greater good, the outcomes can be transformative. Much like the people in my community working to create something greater than the sum of its parts, Medtronic and Abbott's collaboration symbolizes the strength and potential that unity brings.