Medtronic‘s CEO Omar Ishrak has advised Cretex, one of its suppliers, and the labor group striking the company, Local 563, to “negotiate in good faith.” At the end of August, Local 563 asked Medtronic (MDT) to step in and stand up for workers’ retirement funds after Cretex slashed pensions. I asked whether Medtronic had a […]
Medtronic CEO Omar Ishrak summed up the changes underway at medical device companies like his in a few succinct minutes on Monday at the World Health Care Congress in Washington, D.C. “We’ve been viewed and viewed ourselves as simply a device provider as opposed to a healthcare solution provider which is what this is,” said […]
They say imitation is the best form of flattery. In announcing that it was buying Chinese orthopedics company Trauson Holdings Company Limited, Kalamazoo, Michigan-based Stryker (NYSE:SYK) is following in the footsteps of medical device heavy weight Medtronic. Barely four months ago, the Minnesota medical device maker announced that it was buying Kanghui Holdings, which described […]
Medtronic’s (NYSE:MDT) legal battle with Edwards Lifesciences over patent infringement and its transcatheter aortic valve products has been going on for years and last week a federal appeals court affirmed a lower court’s ruling in Edwards’ favor allowing that Medtronic had, in fact, willfully infringed on a single Edwards’ patent. It asked Medtronic to pay damages, […]
Medtronic (NYSE:MDT) has previously estimated that its share of the 2.3 percent medical device tax payable to the federal government is between $125 million to $175 million annually. At the time, chief financial officer Gary Ellis described the much-reviled tax as simply the cost of doing business. On Tuesday, Medtronic held its fiscal second-quarter earnings […]
The AF Solutions business within Medtronic (NYSE:MDT) is a small one and its field clinical engineers are responsible for flying across the country any time a product is being used in a hospital in conjunction with a clinical trial. The division, formed with the acquisition of Ablation Frontiers and CryoCath Technologies, is now part of the […]
A specialty drug is a class of prescription medications used to treat complex, chronic or rare medical conditions. Although this classification was originally intended to define the treatment of rare, also termed “orphan” diseases, affecting fewer than 200,000 people in the US, more recently, specialty drugs have emerged as the cornerstone of treatment for chronic and complex diseases such as cancer, autoimmune conditions, diabetes, hepatitis C, and HIV/AIDS.
Medtronic (NYSE:MDT) announced late Thursday that it is buying a Chinese orthopedics company, marking the company’s first acquisition in that populous Asian nation. The Minnesota medical device maker said that it is buying China Kanghui Holdings for $816 million in cash but excluding Kangui’s cash the transaction is worth $755 million. Kangui trades on the […]
Last year, Medtronic CEO Omar Ishrak described India as the “biggest hole” in Medtronic’s global operations. Last week, the medical device maker named Preetha Reddy, managing director of Apollo Hospitals Enterprise Ltd., a division of India’s premier hospital chain Apollo Group, as a board member. That same Friday, Medtronic also showed that it wants to do […]
Medtronic (NYSE:MDT) has opened an R&D center — Shanghai Innovation Center — the first outside the U.S. and Europe. The move represents the company’s initial step in creating local product research and development in China, something that Medtronic CEO Omar Ishrak considers a priority. “We have already accelerated our efforts to expand in emerging markets, […]
Medtronic (NYSE:MDT) announced Friday that it has received the expected nods from U.S. and European regulators for the Arctic Front Advance Cardiac Cryoballoon to treat paroxymal atrial fibrillation. Paroxymal atrial fibrillation is different from atrial fibrillation in that the irregular heartbeat happens occasionally with the heart returning to its normal rhythm. It is episodic and unpredictable, […]
Munck Wilson Mandala Partner Greg Howison shared his perspective on some of the legal ramifications around AI, IP, connected devices and the data they generate, in response to emailed questions.
Two of Medtronic’s largest markets that have been struggling for quite some time were the very ones to show some improvement in the company’s first fiscal quarter earnings that it reported Tuesday. Medtronic CEO Omar Ishrak told analysts that both the U.S. implanted cardioverter defibrillator (ICD) market and the domestic Spine business showed signs of “signs […]
Emerging markets are a priority for Medtronic CEO Omar Ishrak who has talked about how he expects the medical device company to garner 20 percent and higher growth in revenue from these markets that include China, India and Latin America. But in the company’s first fiscal quarter ended July 27, Medtronic’s (NYSE:MDT) emerging market revenue […]
Last week, a Chinese publication quoted a Medtronic (NYSE:MDT) executive based in China as saying that M&A is a preferred route to augment the medical device company’s presence in the Asian nation. Apparently the Minnesota device maker already has some candidates in mind when it comes to mergers and acquisitions, but the targets “must have […]
In talking about the medical device industry’s role in the rapidly shifting healthcare industry, the president of Covidien’s Global Vascular Therapies business sounded a lot like Medtronic CEO Omar Ishrak. “We have gotten away by not demonstrating the economic value of products,” said Stacy Enxing Seng, at a Women’s Leadership event Thursday organized in the […]
A respected Indian business publication is reporting that Medtronic is negotiating with an Indian medical technology company to make a strategic investment in it. The company, Trivitron Healthcare, bills itself as India’s largest med tech company, and apparently has been seeking $100 million since earlier this year. The publications notes that the capital will be […]
