Best of the MED Blog in 2011
We've already looked at MED's most popular feature articles of the year, but what piqued your interest on the MED blog this year? The medical device excise tax got readers riled up, as did industry scandals such as Biotronik's allegedly shady sales tactics (perhaps a bit of schadenfreude?). See the rest below, and leave a comment with your favorites. 1.) Boston Scientific CEO to...
Philips to Cut Jobs
Philips announced its Q3 results today, and they weren't pretty: Net income fell more than 85% from a year ago. The company also unveiled a cost-cutting strategy that will slash 4,500 jobs as part of an attempt to save 800 million euros. Comparable sales for the healthcare side of the business were up 7% over the same period in 2010, and the company reported double-digit sales growth in patient...
More Details Emerge in Philips Bribery Investigation
Less than a week ago, Philips revealed that it was investigating possible bribery involving one of its subsidiaries. (In case you're curious, the bribery law in question is the U.S. Foreign Corrupt Practices Act, which you can read more about here).   Dow Jones now says that 16 hospital directors accepted bribes from Philips' representatives totaling about $1.04 million. However,...
Philips Probing Possible Bribery
Philips Electronics revealed in a regulatory filing earlier today that it is reviewing sales of its medical equipment because those sales may violate U.S. foreign bribery law. The investigation is tied to an incident in 2009 in which three workers involved in equipment sales at the subsidiary Philips Polska were indicted. —Lawrence Lloyd