Stryker reiterated that acquisitions are its top priority for cash. But so far during the first half of this year, the orthopedics giant has spent a mere $92 million of its cash on acquisitions--while accruing an additional $1.8 billion in cash to sit on a pile of a whopping $3.6 billion in cash at the end of last quarter.
Stryker has only disclosed plans for two acquisitions this year--both for private, international, hospital bed makers. The latest is an all-cash deal for Turkish hospital bed, stretcher and patient room furniture and accessory maker Muka, which is headquartered in Kayseri, Turkey.
Price checks by India's National Pharmaceutical Pricing Authority on certain orthopedic implants have once again raised hackles by companies concerned they are being swept up in a law that was not meant for their industry, Business Standard reports.
The former CEO of orthopedics company OtisMed, Charlie Chi, was sentenced to two years in prison. He will also face a year of supervised release and a $75,000 fine, all for distributing the OtisKnee cutting guide after the FDA denied its 510(k) application.
India may soon make scuttlebutt on medical device price controls a reality, starting with orthopedic implants, the Times of India reports, as the National Pharmaceutical Pricing Authority asks Johnson & Johnson, Zimmer and Stryker to submit details of production and pricing of their products, including those for knee and hip.
New startup LaunchPad Medical has in-licensed a bone adhesive candidate from Stryker. The company is headed by a former R&D manager at Stryker, Brian Hess, who the company named Co-Innovator of the Year in 2010 for his work on this bone adhesive, Tetranite.
The device industry is the source of wealth for 10 of the people on Forbes' annual list of the 400 richest people in America.
Stryker announced FDA clearance to use the Mako robotic surgery system for total hip replacement, as well as the launch of a new bone matrix, and spine-stabilizing cervical plate at the American Academy of Orthopaedic Surgeons Annual Meeting in Las Vegas.
The FDA is putting robot assisted surgery in the spotlight this summer.
The medical device tax is costing the med tech industry money--and so is lobbying to get rid of it.