When I was a teenager back in 1986, Disney brilliantly dubbed its design and development arm “Imagineering.” With the unique blend of imagination and engineering denoted by the name, the group developed Disney’s theme parks, resorts, and other entertainment venues. Perhaps more than any other entertainment company, Disney has consistently provided imaginative engineering that creates one-of-a-kind experiences for guests. They have delivered on the promise of Imagineering.
Fast forward 30 years, Siemens just this month rolled out its new brand name “Siemens Healthineers” for their healthcare business. They explained it this way: “The new brand underlines Siemens Healthcare’s pioneering spirit and its engineering expertise in the healthcare industry.”
Of course, the greatest power of a brand name is in the promise it makes. Here’s the promise that CEO Bernd Montag made in relation to the new name: “Going forward as Siemens Healthineers, we will leverage this expertise to provide a wider range of customized clinical solutions that support our customers business holistically. We are confident in our capability to become their inspiring partner on our customers’ journey to success.”
Other industry leaders have made similar moves. In 2014, Philips pivoted their focus to become a HealthTech company. The strategy combined their professional healthcare business and consumer business (and still trying to spin off the lighting business) so that “health professionals and consumers will engage on their health journey in a more continuous manner, instead of waiting for acute episodes where disease may hit the patient.” Several years prior, GE launched Healthymagination as their “commitment to invest in innovations that bring better health to more people.”
I think the challenge for Siemens Healthineers will be to focus not on engineering health products but on actually engineering better health, and in a way that is meaningfully different than their competitors.
It’s a subtle but significant difference. Engineering health products is about what they make. Engineering better health is about why. And it is the “why” that can fulfill Montag’s promise to become an “inspiring partner on our customers’ journey to success.”
So it is for all companies: The inspiration is always in your “why.” Which in medtech, ultimately comes down to reducing suffering, improving wellbeing, and saving lives.