As tariff policies and geo-politics pose a threat to international businesses, Ireland-headquartered Medtronic has been able to navigate choppy global waters, by staying “agnostic” and up-to-speed with the changes, a top executive said.
“We are very party agnostic…..You can’t be successful as a 75-year-old technology company if you don’t learn how to adjust and be successful with the ebbs and flows and the ups and downs of the political and geopolitical world,” Ken Washington, Medtronic Senior Vice President and Chief Technology & Innovation Officer, told businessline.
“These latest iterations that are happening in the world are no exception. So we have mechanisms in place, we have our governance and relations team fully up to speed on the dynamics that are happening in the geopolitical environment. So, we are comfortable knowing that we can navigate the dynamics …(and) still be successful,” he said, responding to a query on governments increasingly adopting inward-looking policies that could affect the flow of technology, research or people across borders. The latest threat confronting companies is US President Donald Trump’s threat of reciprocal tariffs on products from different countries, including India.
‘AI an enabler’
On the other key discussion in healthcare – the role and concerns involving Artificial Intelligence (AI) – Washington said, “In our experience, and in my own professional experience, AI is an enabler for people, not a replacement for people.” Pointing out that it was core to the company’s AI compass, he said, “AI is intended to be an augmenter of human involvement.”
Further, he added, the history of innovation technology has shown that new innovations and technologies have opened up new opportunities for new jobs.
“We believe that AI will be no different. So, we’re seeing opportunities for AI to augment the efficacy of humanly invasive surgery platform. It is already making colonoscopy therapy more efficient and effective. It’s giving our physicians more time to do more engagement with their patients in a meaningful way. In our cardiac rhythm business, where we use AI to eliminate false positives ….these are just a handful of examples where AI is making the therapy better, … not replacing individuals,” he explained.
On possible AI-linked concerns, he added, “I don’t really have any concerns. I just look at the opportunities…and we are leaning into those opportunities by hiring some great talent,” he said, pointing to their Hyderabad centre, that had seen investments from the parent company.