December 8, 1998 |
Bionx Implants Inc. shot its way into the stock market in April 1997 with a product called the Meniscus Arrow, which investors and analysts seemed to think had tremendous potential for profitability. Analysts estimated that the medical-devices company in Blue Bell would reach $33 million in revenue this year, compared with only $5 million in 1996. Bionx stock reached a high of $31.88 in February. But when the company announced in March that it expected its sales for the first two quarters to be $1 million to $2 million less than originally anticipated because of increased competition, the sell-off of its stock began.
July 25, 2012 |
Generic competition - a billion-dollar problem for brand-name drug companies since the 1980s - is making inroads in the orthopedic-medical-devices industry. Last week, Cardinal Health Inc., one of the three biggest device wholesalers, said it was increasing its offering of lower-cost products for broken bones. This nascent trend, borne of increasing pressure to control health-care costs, represents a direct threat to brand-name device-makers, such as West Chester-based Synthes, which was bought in June by Johnson & Johnson for $19.7 billion.
April 5, 2012 |
The emerging market for generic medical devices is the backdrop for a legal fight between Synthes Inc., and several former employees who created a company to sell similar products for less money. Headquartered in Switzerland but with facilities in Chester County, Synthes is a global leader in selling plates, rods, screws, and power tools to fix broken bones, which is why Johnson & Johnson has agreed to pay $21.3 billion for Synthes. Yearly global medical-device sales amount to about $300 billion and, with aging populations in developed nations, the market isn't going away.
August 4, 1989 |
Makers of various medical devices violated federal law by not reporting seven deaths and more than 100 serious injuries associated with their products in recent years, a consumer group alleged yesterday. The Public Citizen Health Research Group, founded by Ralph Nader, also criticized the Food and Drug Administration for failing to prosecute any companies for violating the reporting law, which took effect in late 1984. FDA documents obtained by the group indicated that 35 companies did not report seven deaths, 109 serious injuries and 265 malfunctions related to their products between December 1985 and June 1988.
February 27, 2008
The Supreme Court stripped away a key consumer health protection for Americans last week by granting legal immunity to makers of federally approved medical devices, such as joint prosthetics, breast implants and defibrillators. As a result, injured patients who want to sue for damages in state court are basically out of luck. The impact from the high court's decision was immediate. Hours after the ruling, a state court judge in Florida asked attorneys with cases involving Johnson & Johnson's drug-coated Cypher heart stent whether the lawsuits should continue.
July 20, 2005 |
Johnson & Johnson Inc.'s growing reliance on medical devices over pharmaceuticals paid off in the second quarter, helping to boost revenue 11 percent over a year earlier, the company said yesterday. J&J, which is based in New Brunswick, N.J., and has several subsidiaries in the Philadelphia area, said net income rose to $2.68 billion, or 89 cents a share, from $2.46 billion, or 82 cents, in the same period a year ago. The growth was powered mostly by a 20 percent increase in sales of medical devices and diagnostics, to $4.9 billion.
July 24, 1995 |
It's a phenomenon nearly everybody has experienced: You turn on the hair dryer, and suddenly there's snow on the TV set. Or you're using your cellular phone and you unexpectedly pick up local radio, or a stranger's conversation. It's called electromagnetic interference (EMI), and it refers to the fact that electrical devices emit electromagnetic energy that can interfere with other devices. Most of the time, this is nothing more than a momentary annoyance. However, if the device being disrupted is a piece of life-saving medical equipment - say, a pacemaker - the potential consequences can be far more serious.
July 18, 2008 |
More than 200 years ago, America's greatest patriots convened to write a document that would empower us all with inalienable rights, liberties and freedoms. But on this past Monday in Philadelphia, the cradle of the Constitution, drug and medical-device companies met to unilaterally rewrite this contract and remove one of its most important pillars: the right to trial by jury. And to pour salt on the wound, a high-ranking official inside the Food and Drug Administration, the government agency tagged with protecting the public from dangerous drugs and devices, was a featured speaker at this meeting.
June 23, 2009 |
Synthes Inc. handpicked the surgeons. The West Chester maker of orthopedic products also paid for the doctors' travel to training sessions in San Diego and Charlotte, N.C. There, company employees explained how to use their new bone-mending cement to fix a type of spinal fracture that afflicts hundreds of thousands of people yearly, most of them elderly. Federal prosecutors alleged in an indictment of the company last week that these training sessions were a dangerous, illegal, and less expensive substitute for clinical trials required by the Food and Drug Administration.
March 15, 2015 |
Thomas Jefferson University Hospital said Friday that eight patients in 2013 and 2014 tested positive for drug-resistant "superbug" bacteria after being examined with a special kind of tough-to-clean endoscope. Yet hospital officials said they had found no proof that the devices, called duodenoscopes, had actually transmitted the infections. Jefferson's finding came after an investigation lasting several months, with help from the U.S. Centers for Disease Control and Prevention - highlighting continued nationwide scrutiny being paid to the complex, $40,000 instruments, which are used to examine the bile and pancreatic ducts.