Medtronic: Who Are They? – Laws Regulations

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Medtronic Defective Products

Medtronic: Who Are They?

Medtronic Incorporated is a Fortune 500 company that makes medical and surgical devices that diagnose, manage and treat diseases of the heart, brain, spine and ear, digestive system and urinary tract. Their U.S. headquarters are in Minneapolis, MN, but the company operates in 120 countries around the world.
Company history. Founded in 1949, Medtronic is now the world’s largest medical technology company. It is publicly traded on the New York Stock Exchange under the symbol MDT.
The company began in a garage in Minneapolis selling medical equipment produced by other companies. In the 1950’s and 1960’s, Medtronic grew and began creating its own equipment. During that time, the company created the first wearable artificial pacemaker. It quickly branched out into other medical areas including ICDs (implantable cardioverter-defibrillators), spinal devices, neurological devices, cardiovascular related products, diabetes devices and more.
Competitors. Medtronic’s major competitors are Boston Scientific Corporation (who recently purchased Guidant Corp.), Johnson & Johnson and St. Jude Medical, Inc.
Revenue. Medtronic reported revenues of $12.3 Billion in its last fiscal year which ended in May, 2007. Their revenue growth was 8.9% for this time period.
Employees. The company employs 38,000 people worldwide. The company’s total number of employees increased 5.6% since last year.
Company information:
Medtronic, Inc.
710 Medtronic Parkway
Minneapolis, MN 55432-5604
Phone: 763-514-4000
Fax: 763-514-4879
www.medtronic.com
Executives:
Arthur Collins, Jr.; Chairman
William Hawkins, III; President & CEO
James Dallas, SVP & CIO
Recent headlines:
October, 2007: Medtronic recalled their Sprint Fidelis defibrillator lead. The recall affects nearly 235,000 patients worldwide – approximately 172,000 of those are U.S. citizens. According to the company, the defective leads may unnecessarily shock patients repeatedly (when not needed) or not provided a needed shock to return a patient’s heart to normal rhythms. Medtronic has stopped selling the product and says that five reported deaths may be attributed to the defect.
Several lawsuits have already been brought against the company for the manufacture and sale of a defective product, as well as negligence and claims of emotional distress. Patients with defective leads can obtain additional information at: http://www.medtronic.com/fidelis/ or contact an attorney by clicking here.
February, 2005: Medtronic recalled 87,000 defibrillator and pacemaker devices after it learned that the batteries in the devices may be defective.
Click here to lean more about the Medtronic Recall or to contact a Medtronic recall attorney to review your case for free.

Update: In February 2008, the U.S. Supreme Court ruled 8-1 in Riegel v. Medtronics that patients injured by certain medical devices approved by the FDA cannot sue the product’s manufacturer. As of August 2008, the Supreme Court’s ruling is being challenged in both the U.S. Senate and House of Representatives. In November 2008, the Supreme Court will hear oral arguments in Wyeth v. Levine, which asks whether a patient harmed by a drug can sue under state law if the drug was produced and marketed under terms approved by the FDA.