High-ranking medical device makers cut about 7,000 American jobs in 2012, representing about 1.6% of the industry’s total U.S. workforce, according to a Reuters report.
Layoffs
Does job loss increase heart attack risk?
Researchers say that being fired from a job can increase a patient’s heart attack risk as much as hypertension, diabetes or smoking.
The new study was conducted by Dr Matthew Dupre of Duke University and published in the Archives of Internal Medicine.
Stryker on track for 1,000 layoffs ahead of medtech tax
Orthopedic giant Stryker is on track with the previously announced layoffs that the company blamed on the 2.3% medical device tax slated to take effect in January.
The layoffs, which Stryker announced around this time last year, are being conducted on a rolling basis and the company expects to free up more than $100 million in costs before next year.
GE Healthcare cuts jobs in Vermont
GE Healthcare (NYSE:GE) told reporters today that it planned to lay off about 10% of the workers at its Burlington, Vt., facility, declining to disclose how many jobs that would include.
St. Jude lays off another 500 amid ongoing company-wide overhaul
St. Jude Medical (NYSE:STJ) today announced that it will terminate another 500 employees, representing 5% of its global workforce, as the company undergoes a massive overhaul.
Medtech newcomer Sony expands device biz, lays off thousands
There are mass layoffs in the works as electronics giant and medical device industry newcomer Sony Corp. (TYO:6758) continues its company-wide overhaul.
Abbott narrows 2012 guidance, announces more layoffs and tempers M&A outlook
Cutting jobs over device tax is “nonsense,” says medtech CEO
The medical device tax isn’t going to result in lost jobs if industry stakeholders play it right, according to speech therapy device maker Glottal Enterprises’ CEO.
In a letter written to the editor of the Syracuse Post-Standard, Martin Rothenberg did the math and concluded that the tax would result in marginal increases in product prices and "zero effect on sales" if the company could successfully market an effective product.
"It would surely not lead us to lay off employees or shift to overseas production," he wrote.
Rep. Buerkle to Obama: Repeal the medical device tax | MassDevice.com On Call
MASSDEVICE ON CALL — A congresswoman from upstate New York is asking President Barack Obama to repeal the medical device tax that’s now just 3½ months away.
Prompted by local medical device company Welch Allyn’s decision to cut 10% of its workforce because of the 2.3% sales tax, Buerkle urged Obama to work with Senate leaders to enact a repeal bill the House approved this year.
Layoffs: Medical device companies cut 2,000 jobs in 2 months
Medical device companies are molting at a reptilian rate, shedding more than 2,000 jobs over the past 2 months as they look to slash costs across the board.
Several of the med-tech companies that are scrapping jobs say the 2.3% medical device excise tax in the Patient Protection and Affordable Care Act, slated to begin in January 2013. Others deny that the tax is the sole cause of their moves, saying it’s a factor but not determinative.
MassDevice.com +3 | The top 3 med-tech stories for Sept. 13, 2012
Say hello to MassDevice +3, a bite-sized view of the top three med-tech 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.
If you read nothing else today, make sure you’re still in the know with MassDevice +3.