OR WAIT null SECS
INDIANOLA, Pa. -- As hundreds of Medrad employees watched live via satellite in Pittsburgh and around the world today, Medrad president and CEO John P. Friel accepted the Malcolm Baldrige National Quality Award (MBNQA) from President George W. Bush and U.S. Secretary of Commerce Donald Evans today in a ceremony in Washington, D.C. Medrad was one of seven organizations to receive the award this year, and the only recipient in the manufacturing category. The MBNQA is the top honor a U.S. company can achieve for quality and business excellence.
"It is a privilege to accept this award on behalf of Medrad's
1,265 employees in Pittsburgh and around the world," said Friel. "I stand here
because of their commitment to delivering excellence every day. This
recognition belongs to them."
The Baldrige criteria examine all aspects of an organization, including
financial performance, customer satisfaction and employee development. Recent
Medrad achievements in these areas include a 15 percent compound annual growth
rate in sales for the past five years, on-time product delivery ratings of
over 98 percent, customer satisfaction ratings over 98 percent, and employee
satisfaction levels that consistently exceed best in class benchmarks.
In his acceptance speech, Friel described Medrad's 15-year journey of
integrating Baldrige criteria into daily operations, beginning with a Total
Quality Management program in 1988. "Performance excellence has since become the blueprint for exceeding the expectations of our customers, shareholders and employees."
He also thanked the Malcolm Baldrige organization by saying, "Living and working in America is a great gift; you have created a framework that enhances the ability of American companies like ours to compete on the world stage, and flourish."
Sixty-eight organizations applied for the award in 2003, including 10 in
the manufacturing category. The award process began in April, when Medrad
completed a self-assessment based on the MBNQA criteria. In May, Medrad
submitted a 55-page application describing its achievements in seven required
business areas: Leadership, Strategic Planning, Customer & Market Focus,
Measurement, Analysis & Knowledge Management, Human Resource Focus, Process
Management and Business Results. Eight examiners conducted a rigorous, on-site
review in October, including interviews with over 300 U.S. and global
employees, and a review of 5,000 pages of documents, in order to confirm the
business practices described in Medrad's application.
Medrad also received site visits in 1999, 2000 and 2002, and implemented
several improvements based, in part, on extensive feedback reports provided by
the examiners: a corporate scorecard that measures company and individual
success across five goals; a corporate ethics policy; customer surveys to
measure satisfaction in all regions of the world; and HR practices designed to
encourage employee growth and satisfaction.
Friel stated, "We are very proud to bring this award back to western
Pennsylvania, a region that has the resources -- and especially the people -- to
build a world-class quality organization."
Named after a former secretary of commerce, the MBNQA was established by
Congress in 1987 to enhance the competitiveness of U.S. business by
recognizing role model companies for business achievements and successful
performance strategies. Today, it is an internationally recognized award for
excellence in business, health care and other organizations, and serves as the
foundation for quality and performance excellence awards in other parts of the
world. For seven years in a row, a study conducted by MBNQA revealed that
hypothetical stock invested in companies that have earned site visits or won
the MBNQA outperformed the Standard & Poor's 500 Index.
The Malcolm Baldrige National Quality Award is managed by the National
Institute of Standards and Technology (NIST), in conjunction with the private
sector. As a non-regulatory agency of the U.S. Department of Commerce's
Technology Administration, NIST develops and promotes measurement, standards
and technology to enhance productivity, facilitate trade and improve the
quality of life. Other organizations that have received the award include:
Federal Express, Motorola Inc. Commercial, Government and Industrial Solutions
Sector, the Ritz-Carlton Hotel Company, 3M and Boeing.
Medrad, Inc. is a worldwide leading provider of medical devices and
services that enable and enhance imaging procedures of the human body. Used in
diagnostic imaging, Medrad's product offerings include a comprehensive line of
vascular injection systems, magnetic resonance (MR) surface coils and
accessory products, and equipment services. Total 2003 revenues were $294
Source: Medrad, Inc.