Hearing devices have not been among Medtronic's competencies--until now. The medical device giant has bought magnetic hearing implant startup Sophono for an undisclosed amount. Sophono's implant is the smallest and most effective at higher frequencies, according to the startup and Medtronic.
Semma Therapeutics aims to provide beta cells--the pancreatic cells that produce insulin--to patients with Type 1 diabetes. If the startup can get beyond early research, an implantable device that creates insulin via these stem cell-derived beta cells could replace daily insulin injections and transform patient care.
In a show of force, the Department of Justice just announced two fines against providers for healthcare fraud under the False Claims Act totaling more than $10 million. The news coincided with release of an annual report on healthcare fraud, which claims that the feds recovered $3.3 billion in fiscal year 2014.
After staving off Treasury Department rules, angry politicians and antitrust regulators, Medtronic is earning early victories from its $50 billion mega-acquisition of Covidien. The company announced that the former rival's Protégé GPS peripheral stent for treating peripheral artery disease now has the FDA's blessing to be used against lesions in the common and external iliac arteries, located in the pelvis.
The FDA just labeled the recall of Medtronic's 10 French FlexCath Select Steerable Sheath as a class I recall. This means there is a reasonable probability that the device "will cause serious adverse health consequences or death.
Most of the traditional makers of insulin pumps, blood glucose meters and continuous glucose monitors haven't been very good at integrating these devices with mobile devices and big data. Startup Glooko hopes to provide its technology to make diabetic device data mobile-compatible and enabling population analysis of it for providers and payers.
Edwards Lifesciences and Medtronic revealed promising study data for next-generation transcatheter aortic valve replacement (TAVR) devices in treating patients who cannot undergo open heart surgery, dialing up competition between the companies as they vie for a piece of a growing TAVR market.
Medtronic announced the launch of U.S. clinical trials for its latest drug-eluting stent, saying it will test the device on patients in need of a 2-millimeter stent, many of whom are not eligible for the device type.
A little more than a month after Medtronic closed its $49.9 billion purchase of Covidien, the combined company is forging ahead with ambitious plans for growth. And as Medtronic's chief integration officer, Geoff Martha, told FierceMedicalDevices, the company's "first and foremost strategy" involves developing new devices to support innovative therapies, ultimately cutting costs and making healthcare more efficient.
The medical device tax is costing the med tech industry money--and so is lobbying to get rid of it.