What is a Mission Statement and a Vision Statement? Why do you think they are important?
Find some mission and vision statements online for some of the medical device companies out there and compare/contrast them. Do you think these statements reflect at all on their culture and values in real life? Perhaps if you already work for a medical device company you can comment on this for your own experience in your own company.
A vision statement communicates the purpose and values of a company by preparing a statement that broadly describes a goal the company wishes to accomplish and how the company hopes to accomplish that goal. A mission statement less broadly defines an organization's metrics for success and and how the company defines whether or not it has met those metrics.
Looking online at a variety of vision and mission statements, it appears that these statements do generally reflect on their cultures and values in real life. That said, I do not think that many of these mission and vision statements fully represent the culture and values of companies, mainly due to their length, or lack thereof.
What is a Mission Statement and a Vision Statement? Why do you think they are important?
Find some mission and vision statements online for some of the medical device companies out there and compare/contrast them. Do you think these statements reflect at all on their culture and values in real life? Perhaps if you already work for a medical device company you can comment on this for your own experience in your own company.
Mission is a concise explanation of the organization's reason for existence.
Vision looks forward and creates a mental image of the ideal state the organization wishes to achieve.
GE Healthcare appears to make no distinction between vision and mission statement
"As a leading global medical technology and life sciences company, we provide a broad portfolio of products, solutions and services used in the diagnosis, treatment and monitoring of patients and in the development and manufacture of biopharmaceuticals.
We help improve outcomes for healthcare providers and for therapy innovators around the world. This means increased capacity, improved productivity and better patient outcomes.
We also aim to support our customers in the pursuit of precision health: health care that is integrated, highly personalized to each patient’s needs and that reduces waste and inefficiency.
We embrace a culture of respect, transparency, integrity and diversity."
Siemens Healthineers
Mission: "We make real what matters by setting the benchmark in the way we electrify, automate and digitalize the world around us. Ingenuity drives us and what we create is yours. Together we deliver."
Vision: "To be the pioneer of our time."
Boston Scientific
Mission: "Boston Scientific is dedicated to transforming lives through innovative medical solutions that improve the health of patients around the world."
Vision: no specific statement provided.
As I researched the mission and vision statement of med device companies, I noticed that many of these companies do not have mission and/or vision statement. As opposed to vision statements, several companies have corporate values, and it place of the mission statement the is simply a concise feel-good message about the company.
Of the companies selected, I noted that vision statement/values are extremely lofty and lack specificity. I found the mission statement of Boston Scientific and Siemens Healthineers to are clear explanations for the company's existence.
I looked at the vision/mission statements the following medical device companies: Siemens-Healthineers, Medtronic, Abbott, Beckman-Coulter, and Stryker.
What they all have in common is a recognition that they are assisting heath care provider to help care for patient health. The mission statement also help to identify the impetus for these companies as human health instead of profits. I think the statements help to provide an affinity for the companies due to their state goal. The best one I read was from Medtronic. It states the following:
"To contribute to human welfare by application of biomedical engineering in the research, design, manufacture, and sale of instruments or appliances that alleviate pain, restore health, and extend life."
While the other companies mention better health out comes there seem to be alot of emphasis on using technology in a way that praises technology itself. While technology is important and using it does imply a desire to use the best of human achievement for the purpose of improving health.
I think Medtronic gets its. Medtronics mission on the other hand states that the method that it intends to to use to improve human life is biomedical engineering. This mission statement also gave a genuineness interms of care about people rather than profit bottom line.
I work at Siemens-Healthineers. I have listed Siemens-Healthineers mission statement below. It mentions the use of technology to assist healthcare providers. My experience at Siemens-Healthineers does attest to the companies stated mission. They do appear to be trust worthy
whose(Siemens-Healthineers) mission it is to enable healthcare providers worldwide to increase value by empowering them on their journey towards expanding precision medicine, transforming care delivery, improving patient experience and digitalizing healthcare.
A vision statement is a general and broad statement about what a company wants to accomplish. One example is from Boston Scientific. Their vision statement is, "Boston Scientific is dedicated to transforming lives through innovative medical solutions that improve the health of patients around the world." This one sentence statement lets people know what they want to do and what their general goal is (to improve the health of patients around the world).
A mission statement clearly lays out how a company does business, defines the measure for a company's success, and is geared towards employees and shareholders. Boston Scientific's mission statement is, "Boston Scientific's mission is to improve the quality of patient care and the productivity of health care delivery through the development and advocacy of less-invasive medical devices and procedures. This is accomplished through the continuing refinement of existing products and procedures and the investigation and development of new technologies that can reduce risk, trauma, cost, procedure time and the need for aftercare." This is more specific to what its goals are and how they plan to execute on their vision statement. Since this is meant more for employees and shareholders, the mission statement generally are in line with the culture at the company. Therefore, it is important to see how well a job candidate aligns with the mission statement to see whether or not he or she would be a good employee with the company.
A Mission statement talks about HOW you will get to where you want to be. Defines the purpose and primary objectives related to your customer needs and team values.
A Vision statement outlines WHERE you want to be. Communicates both the purpose and values of your business.
Most companies in the healthcare industry have created mission and vision statements like Stryker, Novartis and Pfizer. They have cascaded that approach down to divisins and departments if the company is rather large also. Training sessions are setup to review the statements and what they mean to groups and individuals and how to apply them. That is where I think the real issue comes up.
Companies need to allow the organization to implement the mission and vision into the organization's culture. Only when culture can practically apply them, can the mission and vision statements have the impact to the organization. Having nice wall mounted statements or the CEO making a presentation on them is fine but need to incorporate them into the daily activities whether developing a new product, manufacturing the product or interfacing with the customer.
A Mission Statement defines the company’s business, its objectives and its approach to reach those objectives. A Vision Statement describes the desired future position of the company. The Mission and vision statement are important because this helps establish a framework for ethical behavior, help define performance standards, inspire employees to work more productively by providing focus and common goals and also, serve as a public relation tool with customers, suppliers and alliance partners.
But sad to say that not all companies mission and vision statements reflect what to expect from the company. Some companies have the best mission and vision statement but what they produce as a whole reflect their statement or company's values both internally and externally.
One of the medical device companies I checked out was Pfizer, where their Mission Statement states: "at Pfizer, we innovate every day to make the world a healthier place. We are committed to quality healthcare for everyone. Because every individual matters." The Vision Statement states: "Pfizer vision statement is innovative to bring therapies to patients that significantly improve their lives."
To a great extent I did say Pfizer reflects their Mission and Vision Statement; looking at the survey done on the employees where 75% stated that besides getting paid, the company's Mission and Vision Statement which also includes the value of the company is the most important thing about their work.
According to Merriam Webster, a mission statement states the purpose or goal of a business or organization. The company's mission statement emphasizes its ongoing commitment to meeting the needs of the community. The purpose of the mission statement is to tell the world what you do and how you do it. Now a vision statement is sometimes thought of as a picture of your company in the future. The vision statement is the long-term goals and plans while the mission statement is the short-term goals that are currently happening in the day-to-day operations of the company. Searching the internet there were several medical devices companies in the TRAID that caught my attention. The one called Structure medical stood out as its focus was on precision. Structure Medical is a leading manufacturer of medical implant products, instruments, and cutting tools that are used by orthopedic surgeons to treat disorders of the musculoskeletal system. Orthopedic surgeons use these products to treat trauma, sports injuries, degenerative diseases, tumors, and congenital conditions.
Vision Statement:
Structure Medical is committed to being the leader and setting the standard in technology-driven medical manufacturing. We accomplish this by applying our innate expertise and utilizing the world’s most sophisticated machining equipment. Our responsibility is to provide our customers with products true to their design that are manufactured with precision, efficiency, and the highest quality standards.
Mission Statement:
With a solid commitment to continuous improvement, along with highly advanced, cost-effective equipment, Structure Medical continues to tap into new and emerging opportunities within the medical device industry.
The mission statement of a company represents the prose of the organization. It is like a roadmap for achieving the vision and tangible objectives. A mission statement is used as a managerial tool. The vision statement is what a company has to gain for itself, the customers, and society. It represents more values and beliefs of the company and cannot be used as a managerial tool.
Intuitive Surgical
Mission statement
We believe that minimally invasive care is life-enhancing care. By combining ingenuity and intelligent technology, we expand the potential of physicians to heal without constraints.
Vision statement
We envision a future where care is more connected, customized, and intelligent for hospitals, care teams, and their patients.
After reviewing my peer's post I found no one posted about Abbott's mission and vision statements.
Mission Statement:
"Live your best life, now and in the future."
[ https://www.abbott.com/about-abbott/who-we-are.html ]
Vision Statement: "At Abbott, we're all about helping you live the best life you can through good health. We keep your heart healthy, nourish your body at every stage of life, help you see clearly, and bring you information and medicines to manage your health."
[ https://www.comparably.com/companies/abbott/mission ]
A mission statement concisely outlines a businesses' objectives. In this example, Abbott is a company focused on improving people's lives in the present and future. A vision statement describes the company's future aspirations and what they hope to become. Abbott's vision statement makes it clear that their goal is to be able to help manage all aspects of one's health. I believe these statements are important because they reflect company interests and will influence their real life culture and values by attracting like-minded individuals, motivated by the same messages, to join their team.
I work for the largest healthcare system in New Jersey, RWJBarnabas Health. One of the main facilities I cover is Jersey City Medical Center whose mission statement and vision statement can be found here: https://www.rwjbh.org/jersey-city-medical-center/about/mission-vision/. This is also an example of where the vision statement is longer than the mission statement.
A company's mission and vision statement describe what the organization does and what its purpose and future goals are. The mission statement is the 'what' and the 'how', and the vision is the 'why'. The mission statement defines what an organization does and includes tangible goals which the organization strives to accomplish. The vision statement, meanwhile, should clarify the aspirations of the organization and define the direction it’s heading in. For example, Pfizer's mission statement is “to become the world’s most valued company to all of these people.” And the vision statement is “Innovate to bring therapies to patients that significantly improve their lives.” The vision statement describes the purpose of Pfizer's existence, while the mission statement focuses on its goal and motivation.
A mission statement and a vision statement are essential components of a company's strategic planning and communication strategy. They serve distinct purposes:
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Mission Statement: A mission statement outlines the fundamental purpose and reason for an organization's existence. It defines what the company does, for whom, and why. A mission statement typically focuses on the present and provides a clear direction for daily operations and decision-making.
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Vision Statement: A vision statement is a forward-looking statement that describes the company's aspirations and long-term goals. It provides a picture of what the company aims to achieve in the future, usually within a specific timeframe. A vision statement is inspirational and serves as a guide for the organization's growth and development.
I found mission and vision statements from two prominent medical device companies to compare and contrast:
Company A - MedTech Innovations Inc.:
- Mission Statement: "We are committed to improving patient outcomes by delivering innovative medical devices that enhance the quality of life for individuals worldwide."
- Vision Statement: "To be a global leader in medical device technology, driving advancements that transform healthcare and promote well-being for generations to come."
Company B - Precision Medical Devices:
- Mission Statement: "Our mission is to design and manufacture high-quality medical devices that empower healthcare professionals and improve patient care."
- Vision Statement: "To lead the industry in innovation, providing cutting-edge solutions that revolutionize the healthcare experience."
In analyzing these statements, it's clear that both companies share a commitment to innovation and improving patient care. However, Company A's vision statement is more expansive, focusing on global leadership and long-term transformation of healthcare. Company B's vision statement is more concise and emphasizes industry leadership and innovation.
