ADVERTISEMENT
The Past, Present and Future of 3M Health Care
This blog was originally posted on SmartTrak's website on January 17, 2024: https://blog.smarttrak.com/the-past-present-and-future-of-3m-health-care. Reposted with permission.
With the recent announcement that 3M is spinning off its Health Care division, SmartTRAK looks back at the evolution of 3M Health Care, its businesses today, the entry into Advanced Wound Care (AWC) and potential new opportunities for the new Health Care business.
3M, a large, diversified company with annual sales of $35.4B in 2021 announced earlier this year plans to spin-off its Health Care business into a new public company. Today, 3M markets thousands of products through four business groups: Safety and Industrial, Transportation and Electronics, Health Care and Consumer. Post-spin-off, 3M will continue as a leading global material science innovator, while the new stand-alone business will seek to become a global diversified healthcare company focused on wound care, healthcare IT, oral care and biopharma filtration.
Among the many topics covered in this fascinating article are:
- The Genesis of 3M's Health Care Division
- Early Innovations
- Acquisitions and Divestitures
- Expanding the Portfolio: Economies of Scale
- 3M Health Care and Advanced Wound Care
- Opportunities and Challenges Moving Forward
- Leveraging and Sharing Technology Development
- Business Model: Non-Traditional Acquisition Targets
- More Focused Healthcare Strategy
- Greater R&D and Clinical Research Investment
- Entering New Markets
3M is positioning the spin-off as a value play that will create two new companies focused on growth, innovation and investor returns. Within this context, in this article, SmartTRAK takes a look at the evolution of 3M’s Health Care business, how AWC fits within the Health Care business and what the future holds for the business post-spin-off.
SmartTRAK is the Medtech industry’s only global Insights-as-a-Service solution for the Orthopedics, Wound Care, Regenerative Medicine and Neuro Therapy markets. SmartTRAK’s propriety methodology turns disparate data from hundreds of sources into powerful insights customers can rely on as the trusted source for strategic decision-making. The SmartTRAK enterprise platform includes rich daily updates, comprehensive market coverage and simple-to-use tools and dashboards for market, product and financial analysis. Customers leveraging the SmartTRAK platform also have direct access to market experts for inquiries and advisory services. If you would like a demo of what SmartTRAK has to offer and see how we can help increase proficiency, improve productivity and reduce costs for your company, just click here.
