The health tech sector is facing a major talent shortage, but Medtronic has a plan to fill the gap. The medtech giant launched Medtronic Spark: a 10-year initiative designed to attract 1 million low-income students to careers in health tech.
The healthcare and technology industries are facing a combined global talent shortage of nearly 15 million (4.3 million for in the tech sector, including medtech, and 11 million among health workers) by 2030, according to Medtronic. As the world’s largest medical device company — Medtronic reported $32.4 billion in revenue in fiscal 2024 (ended April 2024) — it has a vested interest in bringing more talent to the industry.
An aging workforce is part of the talent challenge. In Minnesota, where Medtronic has its operational headquarters, the number of early-career workers in medtech has declined while the number of workers 55 and older has greatly increased over the past 30 years, according to the Star Tribune of Minnesota.
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The Medtronic Spark initiative aims to invest in young talent, boosting their awareness of career options in medtech and connecting them with opportunities to gain the necessary skills.
The company will be operating the initiative in places where it has an established presence. Through Medtronic Spark’s three programs, a new generation of workers will be able to pursue credentials, hands-on innovation opportunities and scholarships.
“This initiative, which takes a multifaceted approach to address health tech workforce shortages, reflects Medtronic’s proud 75-year history and unwavering commitment to advancing healthcare and improving lives worldwide,” Medtronic SVP, Chief Communications Officer and Medtronic Foundation Chair Torod Neptune said in a news release announcing Medtronic Spark. “By investing in future talent, we’re creating a well-trained and capable workforce, ensuring growing healthcare needs will be answered in the future.”
Medtronic Spark is not the company’s only effort aimed at fostering new talent. Its Women in Science and Engineering (WISE) initiative operates outreach programs to bring more women into science and engineering roles.
Dr. Sally Saba joined Medtronic in 2020 as its first chief inclusion and diversity officer. She also serves as the president of Medtronic Foundation. Saba is playing a key part in Medtronic’s efforts to usher in a new talent for the benefit of the industry and the people who work in it.
“We want to ensure that we are not just touching young people’s lives but truly changing the trajectory of their lives with future opportunities in health tech that have potential for lasting generational impact,’’ she said in the release .
Carrie Pallardy is a freelance writer and editor based in Chicago. She has more than a decade of experience writing and reporting in the healthcare space.
