Say hello to MassDevice +3, a bite-sized view of the top three medtech stories of the day. This feature of MassDevice.com’s coverage highlights our 3 biggest and most influential stories from the day’s news to make sure you’re up to date on the headlines that continue to shape the medical device industry.
The powerful Ways & Means Committee of the U.S. House of Representatives today advanced a bill that would repeal the medical device tax enacted as part of Obamacare.
The 2.3% levy on U.S. sales of prescribed medical devices was enacted as part of the Affordable Care Act and went into effect at the beginning of 2013. It’s forecast to raise between $20 billion and $30 billion over 10 years. Read more
A hospital in Arkansas is suing Stryker to recoup the losses it claims it incurred when the company recalled its Rejuvenate and ABG II hip implants in 2012.
Baxter Regional Medical Center in Mountain Home, Ark., sued Stryker April 27 in an Arkansas state court, according to court documents, seeking to force Kalamazoo, Mich.-based Stryker to cover the cost of patient counseling and revision surgeries. Read more
Medtronic CEO Omar Ishrak said that the medical device titan is planning to use the billions in foreign cash it gained access to when it acquired Covidien to buy up early-stage technologies and add them to its product pipeline.
Fridley, Minn.-based Medtronic paid $50 billion for Covidien in January, allowing it to re-incorporate in Ireland. That, in turn, allows the company to spend the cash generated overseas without paying U.S. income tax on top of local taxes. Ishrak, discussing Medtronic’s 4th-quarter results with analysts, said some of that cash will go to acquiring medical device startups. Read more