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Medtronic operational headquarters in Fridley, Minnesota, a suburb of Minneapolis. Medtronic was founded in 1949 in Minneapolis by Earl Bakken and his brother-in-law, Palmer Hermundslie, as a medical equipment repair shop. [8] Bakken invented several medical technology devices that continue to be used around the world today. [citation needed]
Post-World War II hospitals were just starting to employ electronic equipment, but did not have staff to maintain and repair them. Sensing an opportunity, with his brother-in-law, Palmer Hermundslie, he formed Medtronic (a portmanteau of "medical" and "electronic") in a small garage, primarily working with the University of Minnesota hospital.
All four had built their careers at Medtronic. The founding partners had multiple lawsuits by and against Medtronic, all settled out of court. CPI was a CRM company that revolutionized the pacemaker industry by introducing a long life lithium iodine pacemaker, a technology still utilized by a majority of the market. [3]
Within two years, the upstart company that challenged Medtronic had sold approximately 8,500 pacemakers. [3] Medtronic at the time had 65% of the artificial pacemaker market. CPI was the first spin-off from Medtronic. It competition using the world's first lithium-powered pacemaker. Medtronic's market share plummeted to 35%. [4] [5]
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The museum houses approximately 11,000 written works and around 2,000 scientific instruments, with a particular focus on electrophysiology and electrotherapeutics.Notable holdings include works authored by Jean Antoine Nollet, Benjamin Franklin, Giovanni Battista Beccaria, Luigi Galvani, Giovanni Aldini, Alessandro Volta, Guillame Benjamin Amand Duchenne, and Emil Heinrich Du Bois-Reymond.
The company was later renamed to Medtronic Emergency Response Systems in 2004. [3] In 2003, Medtronic Physio-Control announced the launch of the LUCAS CPR device, a mechanical compression device driven pneumatically via an oxygen cylinder. It was able to provide more consistent and effective compression over longer spans than First Responders ...
Arthur D. Collins Jr. is an American executive, the retired chairman of the board of Medtronic, Inc., and formerly served the company as president and chief executive officer. [1] He is now a senior advisor to Oak Hill Capital Partners [ 2 ] and a managing partner at Acorn Advisors, LLC. [ 3 ]