MASSDEVICE ON CALL — The medical device tax may be just the kick the industry needs to reinvigorate lagging research & development efforts, according to an industry insider.
Although he likely represents a stark minority, med-tech veteran Paul Stein, formerly of Medtronic (NYSE:MDT) and St. Jude (NYSE:STJ) and currently a California scientists and clinical investigator, sees a silver lining on the 2.3% med-tech levy, which is set to go into effect in 2013.
Stein says the tax will force industry titans to reconsider their current strategy of absorbing new technologies through acquisitions and instead put money into their own R&D, MedCity News reported.
Covidien opens doors in India
Mansfield, Mass.-based Covidien plc (NYSE:COV) set up its first R&D center in India this month, where it plans to hire 350 new employees over the next 2 years, the Hindu Business Line reported.
Supreme Court challenge to health care overhaul may face delays until 2015
The Supreme Court lawsuit regarding President Barack Obama’s health care laws, a case set to begin hearings next month, may see its core concern about required minimum health insurance coverage pushed back to 2015 if opening arguments can establish that challengers must pay the tax and seek a refund before bringing a case, USA Today reported.
CVS cleared of charges in health data sales lawsuit
CVS Caremark Corp. escaped responsibility in a class action lawsuit alleging that the company sold legally protected information or misrepresented how sensitive data would be handled, Law360.com (paid) reported.
Docs handle over-testing in U.S. health care
The American College of Physicians launched a new set of guidelines aimed at helping doctors better determine when to order tests in efforts to stem costs that may be as high as $250 billion per year in unnecessary testing, Reuters reported.