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Medtronic - Ramathibodi signed strategic partnership

DUBLIN and BANGKOK – March 22, 2019 – Medtronic plc (NYSE:MDT), a global leader in medical technology, services and solutions, today signed a Memorandum of Understanding (MOU) and the Value-Based Healthcare (VBHC) Cardiac Implantable Electronic Devices (CIEDs) Infection Reduction Outcomes Protection Program with Faculty of Medicine Ramathibodi Hospital, Mahidol University-one of Thailand’s leading university hospitals- delivering super tertiary care. CIEDs include devices such as pacemakers, implantable cardioverter defibrillators, and cardiac resynchronization devices.

The MOU aims to develop a strategic partnership that includes setting up a joint Incubator and Innovation Platform to drive innovation, research, and VBHC in Thailand. The strategic partnership will focus on promoting innovation and research for new technologies, enhancing patient and staff experience, advancing clinical performance and education, and establishing a foundation for the delivery of VBHC. Medtronic will support Faculty of Medicine Ramathibodi Hospital, Mahidol University, in achieving a higher quality of care, greater clinical efficiency, improved patient outcomes, and broader access to therapies.

A key feature of the partnership will be a collaboration with the Medical Innovations Development Center (MIND) at Faculty of Medicine Ramathibodi Hospital, Mahidol University, to accelerate breakthrough innovations and inventions in medical technology with the goal of improving the lives of patients in Thailand. Potential areas of exploration include technology development, clinical research, data science, real world data and evidence, and training and education.

In addition, the VBHC CIED Infection Reduction Outcomes Protection Program demonstrates the commitment to improving outcomes for patients with CIEDs between Medtronic and Faculty of Medicine Ramathibodi Hospital, Mahidol University. Recent results from the landmark Worldwide Randomized Antibiotic Envelope Infection Prevention Trial (WRAP-IT), published in The New England Journal of Medicine1, demonstrated that the use of an Absorbable Antibacterial Envelope reduced the risk of major infection by 40 percent, and pocket infection by 61 percent, in patients with CIEDs, compared to standard-of-care pre-operative antibiotics. Under the program, any patient implanted with a Medtronic CIED and Absorbable Antibacterial Envelope who develops a device infection within 12 months of the date of implant will be provided with an equivalent replacement device, related leads and accessories, and an antibacterial envelope.

Healthcare is facing immense challenges. From shifting payment models to problems of access, providers and payers are struggling to improve patient outcomes and lower overall costs. In Thailand, some of the biggest challenges for healthcare service providers like public hospitals are the high demand on services, budgetary limitations, inefficient processes, and long waiting time for patients. Leveraging their mutual expertise and resources, Medtronic and Faculty of Medicine Ramathibodi Hospital, Mahidol University, are partnering to improve care at the same or reduced cost, while increasing access for more patients.

“Our faculty is focused on driving innovation and service models to deliver economic and social value to our patients. This partnership will add strongly to the specialized work we are doing at the MIND Center. The joint Incubator and Innovation Platform with Medtronic will allow both parties to bring our strengths and capabilities to the table – working together to inspire and stimulate innovation in Thailand. In the long run, we will strive to provide our patients with high quality, high value care,” said Professor Piyamitr Sritara, dean of the Faculty of Medicine Ramathibodi Hospital, Mahidol University.

“This partnership is exciting not only for Medtronic and Faculty of Medicine Ramathibodi Hospital, Mahidol University, but also for the broader healthcare community. Thailand has been very progressive in its desire to move toward a value-based healthcare model. Our alliance will contribute to this journey by continuing to focus on improving outcomes that are meaningful for patients at the lowest possible costs. This will set new standards for providing quality healthcare in a sustainable way. We look forward to the new possibilities that this partnership will bring,” said Omar Ishrak, chairman and CEO of Medtronic.

About Medtronic

Medtronic plc (www.medtronic.com), headquartered in Dublin, Ireland, is among the world’s largest medical technology, services and solutions companies – alleviating pain, restoring health and extending life for millions of people around the world. Medtronic employs more than 86,000 people worldwide, serving physicians, hospitals and patients in more than 150 countries. The company is focused on collaborating with stakeholders around the world to take healthcare Further, Together.

Any forward-looking statements are subject to risks and uncertainties such as those described in Medtronic's periodic reports on file with the Securities and Exchange Commission. Actual results may differ materially from anticipated results.