A Culture of CreativityA Culture of Creativity
This year's featured leaders illustrate medtech's ability to adapt and thrive in an ever-changing business environment.
November 1, 2008
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At Covidien Ltd. (Hamilton, Bermuda), one of the company's key strategic initiatives is its commitment to innovation. As a newly independent healthcare company, Covidien is committed to delivering superior new products to address unmet needs, and to innovate for better patient outcomes.
Research and development spending has more than doubled in the past five years, with more than a 30% increase reported in fiscal 2008. The company has stated that its goal is to spend 4–5% of sales on R&D within the next several years, up from less than 2% five years ago.
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Covidien launched more than 30 new products in 2008, with key new products in each of its four business segments. These innovative offerings included the following.
A unique imaging injector with RFID technology.
Three continuous positive airway pressure (CPAP) devices in the respiratory business.
Several mesh products and a unique absorbable tacker used in hernia repair.
New instruments for use in electrosurgery, including LigaSure Impact and Advance.
Generic versions of oxycodone extended-release tablets and sestamibi.
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