Medical device giant Medtronic Inc. (NYSE:MDT) is kicking in $1 million for the relief effort in Japan, as that country tries to recover from a devastating, 8.9-magnitude earthquake.
The funds will come in the form of direct grants, employee-matching grants and product donations, according to company officials. Japan is Medtronic’s third-largest market for a suite of cardiovascular products.
Read about how Japan’s 8.9 earthquake affect the medical device industry
“Direct grants will be made to organizations currently aiding in relief and recovery efforts. The Medtronic Foundation will continue to assess the needs of the people of Japan to determine where funding will be allocated,” the company wrote in a prepared release.
On March 11, a devastating earthquake, the largest in Japan’s history, struck the nation’s eastern coast, causing a 23-foot tsunami. Officials fear the death toll will reach 10,000. Since the quake, a series powerful aftershocks — some as powerful as a major temblor on their own — have been felt throughout the nation.
Japan, the world’s third-,largest economy is also a critical player in the global medical device market, ranking just behind the U.S. and the European Union in terms of market size — just under $25 billion. That’s about half of the total Asia-Pacific medical device market, pegged at $55 billion by Pacific Bridge Medical, a Bethesda, Md.-based regulatory consulting firm that specializes in the region.*
American medical device and diagnostic companies employ more than 13,000 workers in Japan, according to the Advanced Medical Technology Assn.
*Eds. note: Pacific Bridge Medical is a MassDevice sponsor. Return.
