Mayo Clinic working with Boston Scientific to develop new medical devices
Mayo Clinic is working closely with Boston Scientific, a global leader in medical device manufacturing, to develop new technologies in areas ranging from neuromodulation to cardiology and heart rhythm management.
The two organizations have been working together since 2013; however, the collaboration was not made public until this week. Under the partnership, the two organizations will continue to shares ideas and intellectual property to solve some of the most challenging medical problems.
“Open approaches to innovation, such as our collaboration with Mayo Clinic, can more quickly put better tools and devices in the hands of physicians to improve the health and well-being of patients,” said Michael F. Mahoney, president and CEO, Boston Scientific, according to news release.
Boston Scientific was able to double its investment into the partnership — both in terms of money and staff — following President Barack Obama's decision in December to suspend the 2.3 percent excise tax on medical device sales that had been imposed by the Affordable Care Act.
Specifics on the financials were not released. However, according to multiple media reports, the collaboration is in the multi-million-dollar range.
Boston Scientific employs about 5,000 people in the Twin Cities area
“We are grateful for the opportunity to collaborate with Boston Scientific,” Mayo CEO John Noseworthy said in a statement. “Working together can allow us to swiftly bring our discovery and innovation to the direct benefit of patients.”
Check out the Boston Business Journal for additional reading.
(Cover graphics: Boston Scientific and Mayo Clinic)