Say hello to MassDevice +7, a bite-sized view of the top seven med-tech stories of the week. This latest feature of MassDevice.com’s coverage highlights our seven biggest and most influential stories from the week’s news to make sure you’re up to date on the headlines that continue to shape the medical device industry.
If you read nothing else this weekend, make sure you’re still in the know with MassDevice +7.
7. Podcast: Paradigm shifts in patent reform
This week President Barack Obama is expected to sign a patent reform bill marking the most dramatic changes to the patent system in decades, drawing adulation and ire from varying sectors of the innovation economy.
Read the full story and listen to the podcasts.
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6. Mesh makers defend their devices amid FDA probe
An FDA advisory panel considering the use of transvaginal mesh leans toward reclassifying the products as high-risk without issuing a recall.
5. IRS slaps Boston Scientific with $154 million tax bill
The U.S. Internal Revenue Service hit Boston Scientific Corp. (NYSE:BSX) with a $154 million tax bill after taking a look at the medical device maker’s books for 2006 and 2007.
4. Nuance CEO Ricci accused of $5M bribery attempt
Nuance Communications (NSDQ:NUAN) CEO Paul Ricci allegedly tried to lay $5 million bribes before a trio of executives at competitor Vlingo Inc. in an effort to force through a below-market-price buyout, according to a lawsuit filed by Vlingo against its Massachusetts peer.
3. Johnson & Johnson mulls heart device biz
Johnson & Johnson (NYSE:JNJ) is mulling a move into the market for heart pumps and heart valves, for the right price, according to CFO Dominic Caruso.
2. BSX’s new CEO comes from JNJ
Boston Scientific Corp. (NYSE:BSX) poached Johnson & Johnson (NYSE:JNJ) med-tech executive Michael Mahoney to fill the corner office as J. Raymond Elliot prepares to step down. In an investors’ meeting, company officials outlined BSX’s plan to devote capital to mergers and stock repurchasing, and ever-feisty Elliot flamed the med-tech tax that’s part of President Barack Obama’s landmark health reform law today.
1. Medtronic’s 5% workforce reduction continues
While Medtronic Inc. (NYSE:MDT) isn’t planning on any additional layoffs than had been previously announced, there are still about 700 positions that will be eliminated by the end of the fiscal year, including some previously budgeted positions that will no longer be filled.