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Medtronic CEO Omar Ishrak on health-care systems around the world and how the medical device tax will impact the company.
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Mean when you are a US based company and have your business comes from outside the United States -- gathering -- fifty world leaders and 900 major CEOs.
-- -- -- -- And it's also good place for our lives -- went in Davos Switzerland Liz.
One of the major focuses at the World Economic Forum it is health care who does it best who was the best companies visit us.
And in the face of the new Health Care Reform system can our best and brightest maintain a lead in this scene.
We're talking to Medtronic chairman and CEO Omar is -- about this and and I wanted to know from you whose system.
Do you cope with the most from a medical device standpoint.
What systems.
Pacific -- I think the UK for example in many ways.
Has an extremely good health -- technology assessment group.
Which do we extend recommends.
Devices of therapies.
Based on grounded economic value which had been deployed.
It's not perfect because the deployment mechanism isn't -- In the UK and then you know sometimes.
-- -- -- -- -- Books too much cost control and and others that the bill assistance is what is far away as India where there the patient accountability.
Because efficient B system.
It say is big.
And true that you actually drive global competition between different health care providers.
Through Baghdad high quality and low cost so you know we're -- look for our number of things.
Where does health care system value outcomes over procedures.
Where does their health care system give patients some level of transparency and accountability.
And and find -- Is -- system the government really -- -- do.
Mean authorities are really on top of this -- are encouraging news for their leadership -- have to say.
You know the Chinese government is trying real hard to be very.
Broad do about what do wanna do not make mistakes and other countries have made.
Some half of your business comes from outside the United States and you know where do you see the best opportunity right now.
Well you know that I'll tell the United States.
And to be fair we've caught.
Businesses in Euro Pritchard called to developed markets.
So if you take the developed markets obvious warning about.
10% for business that come from emerging markets.
And that 10%.
Represents our biggest growth opportunity because of the most under penetrated your existing therapies.
And this includes China India Latin America Middle East huge opportunity this Central Europe.
And -- decision.
The medical device tax 2.3 percent to -- the affordable health care after I've seen some numbers but I wanna get it directly from you as to how much you really think it's going to cost you every year.
What's gonna cost us somewhere between a 152 into the family could you absorb that we have don't they have crossed the profit -- we have look there's there's this pressures that we get.
From all kinds of different areas and this is one of them.
And we're committed to making trade -- to to absorb it and still love.
And meet our commitments.
You've got eighteen billion dollars parked overseas.
I'm sure you're waiting on congress to say something about our repatriation tax holiday.
You know.
They're -- a Wall Street Journal wrote an article that repatriation doesn't really work that the last time we get it 2004.
Pfizer brought back billions of dollars and then laid off 111000 people.
I think in the interest of business.
To -- business in the US you can invest in the US.
Now there may be other things have happened the same time and maybe you can put -- guard -- around it.
But.
You know let's not.
And I think again we've got to work together.
Knowing that that money can be used more effectively in the US.
And that structure something that works for everybody.
-- is you know has lots of various invest in the US you've got.
That the best technology capability in the US in the world.
We've got the best political knowledge in clinical expertise in the world in the US surely we can capitalize on that.
And our thanks to lives claiming the hardest working woman in gobbles and don't miss -- is sit down -- Nissan CEO Carlos don't coming up in the next hour.
