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. More than 75 percent of med-tech companies go overseas first
Thanks to high costs and long review times in the U.S. market, more than three-quarters of medical device makers go overseas first when launching new products, according to researchers at Northwestern University.
6. Medtronic adds jobs in Puerto Rico
Minneapolis, Minn.-based Medtronic announced that it will pump $50 million its expanding its Puerto Rican operations over the next three years. Medtronic plans to add about 200 workers to its Juncos, Puerto Rico campus while Smiths medical announced job cuts and plant closures for its detection devices arm.
5. Covidien moves manufacturing to Thailand
Med-tech goliath Covidien (NYSE:COV) plans to move its manufacturing operations from Ireland to Thailand over the next two years, raising concerns that the shift may leave up to 600 without jobs.
4. FDA warns Lasik docs to stay honest in advertising
The FDA warns U.S. eye doctors to steer clear of false promises in Lasik ads. The federal watchdog agency told docs that omitting risks and exaggerating benefits of Lasik vision-correction surgery could lead to federal enforcement.
3. FDA’s Hamburg looks to spur med-tech innovation
Dr. Margaret Hamburg, the head of the FDA, put out a blueprint for spurring innovation in the life of sciences today, saying there aren’t enough new products in the med-tech pipeline to suit her.
2. Immucor taps Hawkins as new CEO
Immucor Inc., fresh from a $2 billion buyout this summer, taps former Medtronic CEO William Hawkins to be its new CEO. Current CEO Joshua Levine is stepping down for personal reasons, according to the company.
1. GI Dynamics CEO talk shop with MassDevice
Stu Randle, CEO of GI Dynamics (ASX:GID) discusses the company’s recent Australian IPO in an interview with MassDevice. The Lexington, Mass.-based obesity and Type II diabetes treatment company pulled off one of the summer’s funding coups, pocketing $86 million with an initial public offering on the Australian Stock Market to fund commercialization efforts for its EndoBarrier gastrointestinal sleeve.