Open main menu

Wikipedia β

Boston Scientific Corporation (Boston Scientific) is a manufacturer of medical devices used in interventional medical specialties, including interventional radiology, interventional cardiology, peripheral interventions, neuromodulation, neurovascular intervention, electrophysiology, cardiac surgery, vascular surgery, endoscopy, oncology, urology and gynecology.

Boston Scientific
Public
Traded as NYSEBSX
S&P 500 Component
Industry Medical device
Founded 1979
Founders John Abele, Founder & Director Emeritus
Peter Nicholas, Founder & Director Emeritus
Headquarters Marlborough, Massachusetts, United States
Key people
Michael Mahoney,[1]President, Chairman and CEO
Daniel Brennan, CFO
Revenue Increase $ 9.048 billion (2017)[2]
Increase $ 1.285 million (2017)
Decrease $ 104 million (2017)
Number of employees
29,000 (2017)[3]
Website www.bostonscientific.com

Boston Scientific is primarily known for the development of the Taxus Stent, a drug-eluting stent which is used to open clogged arteries.[4] With the full acquisition of Cameron Health in June 2012, the company also became notable for offering a minimally invasive implantable cardioverter-defibrillator (ICD) which they call the EMBLEM Subcutaneous Implantable Defibrillator (S-ICD).[5][6]

Contents

HistoryEdit

Boston Scientific was formed June 29, 1979 as a holding company for a medical products company called Medi-Tech, and to position the company for growth in interventional medicine.[7]

The company went public through an IPO on May 19, 1992.[7]

The Taxus Stent was approved in 2003 in Europe and other countries and approved in the United States by the FDA in March 2004. It was the second drug-eluting stent approved in the United States.[4]

On April 21, 2006, the company acquired longtime competitor Guidant for $27.2 billion. The former Guidant was split between BSC and Abbott Laboratories.[8][9]

Navilyst Medical was formed in February 2008 from Boston Scientific's Fluid Management and Vascular Access business units.[10]

In October 2010, the company was fined $600,000 by the US Department of Justice for paying a US Army doctor to use their devices and recommend them to others.[11]

In June 2012, Boston Scientific officially acquired Cameron Health for a total sum of $1.3 billion, paid out incrementally as various revenue milestones were achieved.[5]

In March 2015, the company announced it would acquire Endo International Plc's urology business for at least $1.6 billion, expanding the company's health and prostate treatments.[12]

LawsuitsEdit

Johnson & Johnson lawsuitsEdit

Beginning in 2003, Boston Scientific and Johnson & Johnson were involved in a series of litigations involving patents covering heart stent medical devices. Both parties claimed that the other had infringed upon their patents. The litigation was settled once Boston Scientific agreed to pay $716 million to Johnson & Johnson in September 2009 and an additional $1.73 billion in February 2010.[13]

It was announced in November 2014 that Johnson & Johnson would have another chance for payback after a multibillion-dollar trial was set for 20 November 2014. A New York federal court judge would hear the case without a jury to decide whether Boston Scientific should be held liable for the contract breach.[14]

Transvaginal meshEdit

Boston Scientific is one of several manufacturers of a medical device called transvaginal mesh, a type of surgical mesh used to treat pelvic organ prolapse. In 2015, Boston Scientific announced it would pay $119 million to 2,970 lawsuit plaintiffs, who had been injured by the mesh.[15]

On Sunday, May 13, 2018, 60 Minutes broadcast a story suggesting that Boston Scientific used counterfeit Marlex polypropylene resin to manufacture their mesh product.[16] Boston Scientific responded by saying the boradcast was "irresponsible and misleading,"[17] citing a 2017 Food and Drug Administration (FDA) report stating that although they found variability in the polypropylene resin, "these differences do not present new safety or effectiveness concerns." [18]

The Mayo Clinic has described the advantages and risks associated with the use of transvaginal mesh.[19]

RestatementEdit

On Nov 3,1998, Boston Scientific restated its financial results for 1997, as well as its quarterly results for the first three quarters of 1998, due to the occurrence of business irregularities in the operations of its Japanese subsidiary.[20]

NotesEdit

  1. ^ http://www.bostonherald.com/business/business_markets/2016/02/ceo_mahoney_to_be_chairman_of_boston_scientific
  2. ^ http://investors.bostonscientific.com/~/media/Files/B/Boston-Scientific-IR/annual-reports-proxy-statements/annual-report-and-financial-statement-2017.pdf
  3. ^ http://investors.bostonscientific.com/~/media/Files/B/Boston-Scientific-IR/annual-reports-proxy-statements/annual-report-and-financial-statement-2017.pdf
  4. ^ a b Shelley Wood (4 Mar 2004). "FDA approves Taxus paclitaxel-eluting stent". www.medscape.com/. Retrieved 20 Feb 2015. 
  5. ^ a b "Boston Scientific Closes Cameron Health Acquisition". PR Newswire. UBM PLC. 8 June 2012. Retrieved 26 February 2016. 
  6. ^ "EMBLEM S-ICD System". Boston Scientific. Archived from the original on 26 February 2016. Retrieved 26 February 2016. 
  7. ^ a b "About Us - History". www.bostonscientific.com/en-US/about-us/history. Retrieved 20 Feb 2015. 
  8. ^ "Guidant battle ends in favor of Boston Scientific". Associated Press. January 25, 2006. Retrieved 2008-02-11. 
  9. ^ "Boston Scientific Completes Combination with Guidant". April 21, 2006. Archived from the original on April 16, 2008. Retrieved 2008-02-11.  Boston Scientific's press release on the acquisition.
  10. ^ "Boston Scientific Spin-off Aiming to Tap Veins Without Causing Infections". August 5, 2008. Retrieved 2009-02-23. 
  11. ^ Bernton, Hal, "Army Whistle-Blower Fights To Clear Name", Seattle Times, 14 August 2011, p. 1.
  12. ^ McLaughlin, Kim (March 2, 2015). "Boston Scientific Buys Endo Men's Health Unit for .6 Billion". Bloomberg. 
  13. ^ Boston Scientific to Pay J&J $1.73B to Settle Stent Patent Disputes, The Wall Street Journal, February 2, 2010
  14. ^ J&J seeks over $5 billion in damages from Boston Scientific at trial. Reuters, 19 November 2014
  15. ^ Jessica Dye (May 28, 2015). "Boston Scientific ordered to pay $100 million in transvaginal mesh trial". Reuters. Retrieved May 14, 2018. 
  16. ^ Scott Pelley (May 13, 2018). "Gynecological mesh: The medical device that has 100,000 women suing, A common surgical implant has generated the largest multi-district litigation since asbestos. 60 Minutes reports on one of the device's manufacturers, Boston Scientific, now facing 48,000 lawsuits". CBS News. Retrieved May 14, 2018. 
  17. ^ Dave Pierce, Executive Vice President, MedSurg, Boston Scientific, President, Urology and Pelvic Health. "Our perspective on the "60 Minutes" report on transvaginal mesh". Boston Scientific. Retrieved May 14, 2018. 
  18. ^ "Urogynecologic Surgical Mesh Implants". Food and Drug Administration. September 19, 2017. Retrieved May 14, 2018. 
  19. ^ Mayo Clinic Staff (July 22, 2017). "Get the facts about transvaginal mesh complications, Concerned about transvaginal mesh complications associated with treatments for pelvic floor disorders? Here's what you need to know". The Mayo Clinic. Retrieved May 14, 2018. 
  20. ^ "Boston Scientific Addresses Japan Business Irregularities". 

External linksEdit