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Medtronic CEO Omar Ishrak on the outlook for health-care spending, particularly for technology and medical devices.
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Actually here in Davos health care is a huge topic of conversation and my next guest runs.
The world's largest medical device maker Medtronic keys Omar is -- he's the chairman and CEO just having taken over.
Back in June in a Fox Business exclusively thank you for sitting down to talk to us about.
What is obviously a big question not just in the US but everywhere and that is hospitals spending as much as they -- on medical devices.
Not clearly I think the markets.
Certainly in the developed world.
Are are are slow a -- on down -- the kind of slow.
I I think there's an economic sensitivity.
Amongst the population at large.
Which.
And -- level of uncertainty.
Which is driving.
You know caution amongst hospitals.
And that's in the developed -- so could I venture to -- our US hospitals starting to get skimpy.
I don't think -- communion dramatic change in the lost a couple of years.
I think in many ways from our business perspective what's driving behaviors more from -- patient perspective.
There's a level of -- cautions us regarding.
Do need for elective procedures -- more at what point on the planet he's really going to drive -- growth in the next couple years.
A number of things Unifirst to follow there's opportunities everywhere -- is the need for health care.
Is something that is in many reasons to triple -- people want better health care.
And if you can find innovative and cost effective ways of delivering solutions that people want to -- which -- Having said that I think in the developing world.
This clearly the big need a -- need for health care especially in the form of not only access the underserved but also in the in the areas of the population -- -- technology.
Did there's a lack of for the option well how it will be for -- I've seen that you believe it could be three billion dollar market.
Indeed if you look at the -- therapies to field radio offer today.
If there were standard of care in India.
The market sizes would be of that nature and that's not to say that this doesn't just happen by itself mean many if things have to happen to enable.
Accretion from infrastructure.
Dreaming of -- planters.
Awareness -- the population all of that has to happen.
Just for present therapies to be adopted in India but the same levels as Citi in the developed world.
Gotta talk about diabetes a trip Paula dean and the chef food -- -- workers stuck in some time.
Don't have access has announced that -- has diabetes you just got regulatory approval for a remote home -- media monitor yes.
Is there a huge need for that as this disease continues to reflect many people particularly in America where obesity is such an issue.
Well for this device on this put it in perspective is a very specific device for.
Four pediatrics.
For children.
With type one diabetes.
So that's a fairly small segment of the overall diabetes population growth -- that proper public.
Eventually yes but the need here at this this devices to give parents peace of mind.
That these are children don't go into states -- -- dangerous.
One of the things that was not in the health care plan by the government was tort reform and in.
A company like yours where you make devices that rarely but sometimes have issues.
How important.
Is tort reform and -- it has been in that health care.
-- -- You know I don't know I think what's important for our devices is really.
And effective.
Method from our own perspective of surveillance in the marketplace.
So that we didn't get on health official is -- really.
And if he can make safe devices.
There are some views then -- independent of reforms like that which you know -- different factors that drive that.
From heart defibrillators to spinal implants project forward 1020 years in the future as we -- this aging US population.
What's going to be the most needed device that you've -- -- -- now.
Well you know I mean that's.
Have disseminated did you very point the fact that there's an aging population would dictate to growing need for these devices.
Almost -- -- I think cardiac diseases is something that.
You know the that population in general society in general is focused on the medical community is focused on.
I think to a large degree many of these issues -- close to solving the close to -- really making a dramatic impact.
Involved in incidents as well as the treatment and of cardiac disease so I really think that's scenario -- Do would be a lot of growth.
Last question we've got election coming up.
Does it matter who is in the Oval Office to view and Medtronic when it comes to spending on research.
Look in the end of the day our goal is to provide high quality healthcare.
The most technical most cost effective manner of the most number of people around the world.
We'll get different policies in different countries around the world we have to win in every country in the world so we're more focused on those -- objectives.
Of providing the highest quality care of the lowest cost and you do that it doesn't really matter who's in your office everyone's focused -- -- Omar entrap the chairman and CEO Medtronic thank you so much for joining us and Fox Business exclusively appreciate it thank you thank you very much -- back -- you from Davos.
