AdvaMed Honors Medtronic Co-Founder with Lifetime Achievement Award

A childhood obsession with electricity “powered” the transformation of an industry—in this case, medical technology.

During a luncheon ceremony on the third day of its annual conference, the Advanced Medical Technology Association (AdvaMed) gave its Lifetime Achievement Award to Earl Bakken, creator of the first wearable, battery-operated external pacemaker and co-founder of Medtronic Inc., one of the world’s largest medical technology companies.

The Lifetime Achievement Award highlights the accomplishments of a pioneer in the medical technology sector whose contributions have had a “significant impact on patients’ lives and the industry as an essential part of America’s economy.”

Bakken, who as a child was fascinated with the power of electricity, founded Medtronic—now a multibillion-dollar medtech giant—in a garage Minneapolis, Minn., in 1949 with two employees (it now has more than 46,000 worldwide).

The company was started to service medical electronic equipment used in hospitals. In 1957, he developed the first wearable, external cardiac pacemaker, and in 1960 manufactured the first reliable, long-term implantable pacing system. Bakken served as CEO from 1957-1976 and senior chairman of the board through 1989. He retired from the board in 1994. In 1984, Bakken also helped to found the Medical Alley trade group—now called LifeScience Alley—based in Minneapolis. Today, of course, Medtronic’s technologies include a host of cardiovascular therapies, as well as other areas such as spine and biologics, neuromodulation, and diabetes care.

“Earl’s generous nature and steadfast commitment to improving the lives of people with chronic disease are reflected throughout his career,” said Stephen J. Ubl, president and CEO of AdvaMed. “As the co-founder of Medtronic and developer of an innovative medical device that not only launched an industry, but that has saved millions of lives and changed the face of modern medicine, Earl’s vision and leadership are unmatched. I cannot think of a person more deserving of this honor than Medtronic co-founder Earl Bakken.”

Bakken is well-known for his philanthropic and educational work.

In 1975 he founded The Bakken, a nonprofit library, museum and education center devoted to the history of electricity and magnetism and their uses in medicine and the life sciences. The Bakken’s collection of rare books and antique instruments and devices has grown to be the finest of its kind in the world. Since his retirement, he also been actively engaged with many groups in Northwest Hawaii—where Bakken moved following his retirement—that support the health and well-being of its 30,000 people. In 1996, he helped found the North Hawaii Community hospital integrating Hawaiian culture, healing traditions and modern medicine.

Bakken was joined by members of his family during the event at McCormick Place in Chicago, Ill.

“I am truly humbled and honored to be recognized with the Lifetime Achievement Award from AdvaMed,” said the 90-year-old Bakken. “It has always been my belief that the smallest ideas, influences or dreams can have a huge impact, and with this award I hope I can inspire future generations of medtech leaders to continue to find solutions to the world’s leading health care challenges.”

In a video chronicling Bakken’s life and a career, Bill George, former Medtronic chairman and CEO, noted that while some executives were outlining two-, three- or five-year plans for their companies, Bakken was focused on a 100-year plan. It included innovations and implants that would cover virtually every part of the human body. George noted. “The interesting part of that plan is that 50 years later, the company is halfway there.”

“It might have been far fetched at the time, but many of them have already become reality,” current CEO Omar Ishrak said.

Bakken emerged onto the stage in a self-powered wheelchair, with a Hawaiian greeting—Aloha Kakou, or love to you all.

He told the audience that the large cut crystal bowl would be the highlight of his collection of awards, of which, he proudly and immodestly noted, “I have many,” inviting audience members to drop by his home in Hawaii, if they’d like to see his trophy case.

During his address, he took a few moments to acknowledge the mega-deal that has the medtech world watching—Medtronic’s $43 billion acquisition of Covidien plc.

“I look forward to the combination of Medtronic and Covidien,” he said. “I look forward to treating more patients in more ways around the world. I’m terribly thrilled to think of that possibility. And Medtronic will continue to invest more of its cash in U.S.-based technology over the next decade.”

The latter comment was in reference to the company’s pledge to invest $10 billion over the next 10 years in U.S. research and development efforts, a move to quell comments from those who claim Medtronic’s move overseas is an abandonment of medtech efforts in the United States.

Bakken lauded AdvaMed for fostering ethical business practices through the AdvaMed Code of Ethics and added: “I hope you find ways to kill the 2.3 percent excise tax,” which elicited hardy cheers and applause from the audience.

Bakken, though a pioneer of modern medical technology, has embraced a combination of technology and spirituality to help heal the human body.

“Medicine should be 20 percent science and 80 percent spirituality if you want to truly heal a patient,” a Hawaiian leader once told Bakken, and they are words he lives by today. He credits “integrated medicine”—the combination of science and spirituality—with keeping him going “despite an insulin pump and stents.”

“Hospitals are warehouses for sick bodies, not places for healing,” he said. “We need to put the body back together. The healing is extremely important. Devices help patients, but they fall into the 20 percent. Medicine is no longer just devices and drugs, but how to use a patient’s mind and spirit for healing—and they don’t need FDA approval. I challenge you to explore how we can help patients heal.”

And if they happen to be looking for more help with integrated medicine, Bakken urged the audience to join his Facebook group “Earl Bakken Rocks My World.”