Boston Scientific Wins Tech Award, But Plans Restructure Layoffs

The Boston Scientific Corporation S-ICD® System has received the Prix Galien USA 2013 Award for Best Medical Technology. In the same week, the company has announced a further 1100 to 1500 job losses as its continued restructuring efforts take shape.

Background

The Prix Galien was created in 1970 in honor of Galen, the father of medical science and modern pharmacology. The Galien Foundation fosters, recognizes and rewards excellence in scientific innovation to improve the state of human health. The Foundation oversees and directs activities in the USA for the Prix Galien, an international award that recognizes outstanding achievements in improving the human condition through the development of innovative therapies.

The organisation’s USA committee this week honored excellence in scientific innovation that improves the state of human health at its seventh annual Prix Galien Awards Gala, held at the American Museum of Natural History in New York City.

The device that was honored is Boston Scientific’s  S-ICD System. We’ve covered news of S-ICD on many occasions as it’s the world’s first and only commercially available subcutaneous implantable defibrillator that treats patients at risk for sudden cardiac arrest (SCA) without wires touching the heart. Boston Scientific acquired the device when it bought Cameron Health in March 2012. FDA approval followed in October last year.

Earlier this year the company drew our attention to a study which showed a lower complication rate with S-ICD than with conventional transvenous ICD leads.

The news of the award was released in a PR Newswire press release. A day earlier the company had seen an SEC filing published, announcing cuts which it said were a response to financial pressures in a changing global marketplace, would further strengthen its operational effectiveness and efficiency and support new growth investments.

The upshot of the changes, acronymed as a PNO (plant network Optimisation) strategy, is that the Company anticipates a gross reduction of 1,100 to 1,500 positions worldwide through a combination of employee attrition and targeted headcount reductions.

Company comments

On the award, Joe Fitzgerald, Boston’s president of Cardiac Rhythm Management said; “We are thrilled to be recognized by the Galien Foundation and honored to be among such a prestigious group of recipients of this year’s award. We strive to introduce innovative medical technologies that can help improve patient outcomes. The S-ICD System represents a truly innovative medical product and one that has been shown to be a great alternative to traditional ICDs for the treatment of life-threatening ventricular arrhythmias.”

Source: Boston Scientific Corporation, PR Newswire