Top Device Companies

Boston Sci’s $296 Million Settlement Challenged By Doctors’ Request

Boston Scientific faces another challenge over its problems with the Guidant division’s heart defibrillators. A pair of Minneapolis doctors who first revealed problems with the Guidant devices urged a federal court to reject a plea agreement Boston Sci arranged with the Justice Department late last year. Under the agreement, Boston Sci would plead guilty to two misdemeanor charges and pay a $296 million fine, the largest ever by a device maker. The physicians said they were asking to have the settlement blocked because it would not hold anyone accountable. (Click here for more)

“When Heart Devices Fail, Who Should Be Blamed” – New York Times (4/20/10)

Medical device manufacturers facing many challenges: from the rising clout of group purchasing organizations (GPOs) to payment bundling and physicians' growing allegiance with hospitals in product price negotiations. Get all the answers now in new Medtech Insight's new 24-page Special Report: Medical Device Landscape: How regulatory changes and cost control measures are reshaping the industry. Available for purchase now!

Boston Sci Sued By Shareholders For Hiding Guidant Problems

Boston Scientific shareholders filed a class-action suit in a Massachusetts federal court accusing the company and its executives of hiding problems with Guidant products for the past year. Boston Scientific bought Guidant in 2006 and the subsidiary since has had to recall thousands of pacemakers and defibrillators. The suit said former CEO James Tobin and his successor, Ray Elliott, and COO Sam Leno hid the Guidant problems until the mid-March recall, never revealing in required federal disclosures that Guidant’s products were having problems. (Click here for more)

“Guidant Woes Mount For Boston Scientific As Shareholders Sue” – Mass Device (4/13/10)

Medical device manufacturers facing many challenges: from the rising clout of group purchasing organizations (GPOs) to payment bundling and physicians' growing allegiance with hospitals in product price negotiations. Get all the answers now in new Medtech Insight's new 24-page Special Report: Medical Device Landscape: How regulatory changes and cost control measures are reshaping the industry. Available for purchase now!

Boston Sci Considers Selling Two Units To Offset Guidant Costs

Boston Scientific plans to sell two of its business specialties in an attempt to raise as much as $2.4 billion to deal with problems involving its Guidant subsidiary. The two business areas the company is considering are its pain-management business and its devices for neurovascular intervention. The pain-management products for neuromodulation are considered the more valuable of the set of products that could be put on the market. Likely buyers are Abbott Laboratories or Johnson & Johnson, with Medtronic, St. Jude, C.R. Bard andCovidien likely for the vascular treatment business. (Click here for more)

“Boston Scientific Unit Sale Seen As Long-Term Tradeoff” – Reuters (4/9/10)

Medical device manufacturers facing many challenges: from the rising clout of group purchasing organizations (GPOs) to payment bundling and physicians' growing allegiance with hospitals in product price negotiations. Get all the answers now in new Medtech Insight's new 24-page Special Report: Medical Device Landscape: How regulatory changes and cost control measures are reshaping the industry. Available for purchase now!

Boston Sci Defibrillator Recall Seen Affecting Doctor Confidence

Boston Scientific’s problems with products made by its Guidant-made defibrillators may be costing the parent firm the support of physicians it depends on, a survey shows. The study showed doctors have lost confidence in Boston Scientific medical devices since the defibrillators had to be recalled. Majestic Research’s director said the survey could mean a huge boost to Boston Sci competitors in the field, including St. Jude Medical and Medtronic. (Click here for more)

“Survey: Half Of Docs Less Confident In Boston Scientific After Defib Hold” – Mass Device (4/8/10)

Medical device manufacturers facing many challenges: from the rising clout of group purchasing organizations (GPOs) to payment bundling and physicians' growing allegiance with hospitals in product price negotiations. Get all the answers now in new Medtech Insight's new 24-page Special Report: Medical Device Landscape: How regulatory changes and cost control measures are reshaping the industry. Available for purchase now!

Boston Sci Offers $296 Million To Settle Pair Of Federal Charges

Boston Scientific’s offer to settle a pair of federal charges for $296 million because of a failure of its Guidant subsidiary is under review by a U.S. District Court judge. The judge in the Minnesota court said he would decide on whether to accept, reject or alter the plea within three weeks. The charges involve Guidant’s alleged failure to report changes it made to some implantable heart defibrillators. The plea, worked out with federal prosecutors, would be the largest ever assessed against a device maker, but it does not include probation or restitutions to patients who may have been harmed by the devices involved. (Click here for more)

“Judge Mulls $296 Million Plea Deal For Heart Device Maker” – New York Times (AP) (4/5/10)

Medical device manufacturers facing many challenges: from the rising clout of group purchasing organizations (GPOs) to payment bundling and physicians' growing allegiance with hospitals in product price negotiations. Get all the answers now in new Medtech Insight's new 24-page Special Report: Medical Device Landscape: How regulatory changes and cost control measures are reshaping the industry. Available for purchase now!

Boston Sci’s Endvascular Unit Head Sees Need To Protect Guidant Brand

Boston Scientific’s recently reorganized endovascular unit is headed by a former beer executive who sees a need for the company to guard its brand in a changing and highly competitive industry. Joe Fitzgerald, a senior vice president with Boston Sci, was hired away from Anheuser-Busch to reorganize the unit that has been troubled by problems since the device maker acquired Guidant and its peripheral vascular business. That portion of the vascular-device business accounts for more than 10 percent of blood-vessel disorders. (Click here for more)

“Ex-Beer Executive To Reboot Boston Scientific’s Peripheral Vascular Business” – MedCity News (4/5/10)

Medical device manufacturers facing many challenges: from the rising clout of group purchasing organizations (GPOs) to payment bundling and physicians' growing allegiance with hospitals in product price negotiations. Get all the answers now in new Medtech Insight's new 24-page Special Report: Medical Device Landscape: How regulatory changes and cost control measures are reshaping the industry. Available for purchase now!

Boston Sci’s Guidant Charged Anew Over Defibrillator Safety Issues

Boston Scientific’s Guidant has been charged by the U.S. Justice Department with failing to report to the FDA safety problems associated with some of its defibrillators. At issue are Guidant’s implantable defibrillators. The suit was filed in federal court in Minnesota as part of a settlement process to which Boston Scientific agreed, with a guilty plea to be filed later. Three months ago, Boston Scientific settled for $296 million a long-running dispute with the government over the same issue. (Click here for more)

“Guidant Charged In U.S. Device Inquiry” – Boston Globe (2/26/10)

Medical device manufacturers facing many challenges: from the rising clout of group purchasing organizations (GPOs) to payment bundling and physicians' growing allegiance with hospitals in product price negotiations. Get all the answers now in new Medtech Insight's new 24-page Special Report: Medical Device Landscape: How regulatory changes and cost control measures are reshaping the industry. Available for purchase now!

Abbott, Boston Sci, J&J Face Whistleblower Suit Over Stent Promotion

Abbott Laboratories, Boston Scientific andJohnson & Johnson are named in a whistleblower lawsuit accusing them of promoting off-label use of their biliary stents. A former salesman with Guidant, now owned by Boston Scientific, said that company’s sales people and those of Abbott encouraged doctors to use their stents in patients with blocked blood vessels even though none of the stents had FDA approval for that use. The devices are approved for treating only bile duct cancers. The suit was filed in a federal court in Texas. Kevin Colquitt, who filed the suit, seeks whistleblower status, which could gain him the support of the federal and eight state governments. (Click here for more)

“Lawsuit Challenges Marketing Of Stents” – New York Times (1/14/10)

JUST PUBLISHED: Medical Device Market 2009: Interventional Cardiology - Find out who’s going beyond catheters and drug-eluting stents in this vibrant space with this 86-page Special Report previously published in IN VIVO: The Business & Medicine Report. Order yours now!

Abbott, Boston Scientific Heart Stents Approved In Japan

Abbott Laboratories said Japanese regulators have given approval to market the Xience V heart stent. Boston Scientific also gains because the Japanese approval covered two devices in one, including the Promus, a version of the Abbott stent. An agreement Abbott made with Guidant before Boston Scientific bought it calls for Abbott to make a $250 million milestone payment if approved. The agreement also gave Abbott 40 percent in royalty payments on Promus sales. (Click here for more – a subscription may be required)

“Abbott Gets Approval To Market Popular Stent In Japan” – Wall Street Journal (1/8/10)

Hot Off the Presses: Medical Device Market 2009: Interventional Cardiology - This 86-page Special Report from IN VIVO identifies the most important trends in cardiology devices in recent years, teases out the critical decisions that drove those developments, and takes you behind the scenes and into the minds of the architects of these new technologies and business strategies. Find out more...

Boston Sci To Pay U.S. $22 Million To Settle Guidant Kickback Claim

Boston Scientific agreed to settle a dispute over allegations its Guidant division paid kickbacks to physicians. The settlement requires the firm to pay $22 million to the federal government to settle U.S. attorney allegations the subsidiary paid doctors to participate in four studies in 2003 and 2004. Federal officials alleged Guidant paid physicians using competing devices to use Guidant devices instead, with Guidant billing Medicare. The Boston Scientific settlement did not require it to admit wrongdoing, but requires its cardiac rhythm-management division to disclose physician payments. (Click here for more)

“Boston Scientific To Pay $22 Million In Payment Inquiry” – Sacramento Bee (12/24/09)

JUST PUBLISHED: Medical Device Market 2009: Interventional Cardiology - Find out who’s going beyond catheters and drug-eluting stents in this vibrant space with this 86-page Special Report previously published in IN VIVO: The Business & Medicine Report. Order yours now!