Medical device tax suspension leads Boston Scientific to continue partnership with Mayo Clinic

Corporate--Mergers-AcquisitionsThe two-year suspension of the medical device tax has led Boston Scientific to put more money into its partnership with Mayo Clinic to start human testing on two new medical devices designed to help cardiovascular patients.

Boston Scientific has led the industry’s lobby against the 2.3 percent tax on U.S. revenues of medical device companies, which was levied in 2013 to help fund the Affordable Care Act.

Thus far, the company has paid about 1 percent of its revenue ($75 million out of $7.4 billion) under the tax. Due to the tax reprieve, Boston Scientific is now putting that money toward research.

For example, engineers from Boston Scientific are working with physicians at Mayo Clinic, talking to doctors about the biggest unmet needs that new devices might be able to address. With the aim of developing new products, the company and the clinic are sharing intellectual property.

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About Peter Coffaro 1134 Articles

A growth-driven and strategic executive, Peter Coffaro commands more than 20 years of progressive management success within the medical device industry. As a District Sales Manager for Stryker Orthopaedics, Peter was responsible for managing and directing a regional sales force to achieve sales and profit goals within the Rocky Mountain region. Previously, he was the Director of Sales & Marketing for Amp Orthopedics. In this role, Peter was responsible for planning, developing, and leading all sales and marketing initiatives. Peter is a former orthopedic distributor in the Pacific Northwest. He has also worked with DePuy Orthopaedics as well as Zimmer, and held positions in sales, sales training, and sales management. Peter has an extensive background in organizational development, business development, sales management, negotiating and P&L management. Peter holds a B.S. degree in Biology from Northern Illinois University.

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