The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Globe Investor

News Sources

Take control of your investments with the latest investing news and analysis

Press release from PR Newswire

Boston Scientific Supports Passage of the Protect Medical Innovation Act

Thursday, June 07, 2012

Boston Scientific Supports Passage of the Protect Medical Innovation Act19:07 EDT Thursday, June 07, 2012Medical Device Tax Would Stifle InnovationNATICK, Mass., June 7, 2012 /PRNewswire/ -- Boston Scientific (NYSE: BSX) applauds the passage today by the House of Representatives of HR 436, the "Protect Medical Innovation Act."  This bill would repeal the onerous $29 billion "Innovation Tax" included in the healthcare reform bill passed by Congress in 2010.  Leading up to today's vote, thousands of company employees have contacted their U.S. lawmakers to express concern about the medical device tax and urge repeal.  "This innovation-killing tax will have a significant negative effect on our ability to invest in new therapies for the patients we serve," said Hank Kucheman, chief executive officer at Boston Scientific.  "Our industry is an American success story built upon the ingenuity and inventiveness of thousands of people who work every day toward saving or improving the quality of patient lives.  During this time of economic uncertainty, policymakers should be doing everything possible to create and nurture jobs like these.""We appreciate the hard work and thoughtfulness of Members of Congress who have advocated repeal, particularly Rep. Erik Paulsen (R-MN), the lead sponsor of HR 436," said Mike Mahoney, president of Boston Scientific.  "These Members recognize the immense value our employees and technologies bring to our economy and healthcare system.  The innovation process is already challenging.  Repealing this ill-conceived tax is a critically important step for Congress to take.  We hope the Senate will follow suit shortly." About Boston ScientificBoston Scientific is a worldwide developer, manufacturer and marketer of medical devices that are used in a broad range of interventional medical specialties.  For more information, please visit: www.bostonscientific.com.   Cautionary Statement Regarding Forward-Looking StatementsThis press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.  Forward-looking statements may be identified by words like "anticipate," "expect," "project," "believe," "plan," "estimate," "intend" and similar words.  These forward-looking statements are based on our beliefs, assumptions and estimates using information available to us at the time and are not intended to be guarantees of future events or performance.  These forward-looking statements include, among other things, statements regarding the impact of the medical device tax.  If our underlying assumptions turn out to be incorrect, or if certain risks or uncertainties materialize, actual results could vary materially from the expectations and projections expressed or implied by our forward-looking statements.  These factors, in some cases, have affected and in the future (together with other factors) could affect our ability to implement our business strategy and may cause actual results to differ materially from those contemplated by the statements expressed in this press release.  As a result, readers are cautioned not to place undue reliance on any of our forward-looking statements.  Factors that may cause such differences include, among other things: future economic, competitive, reimbursement and regulatory conditions; new product introductions; demographic trends; intellectual property; litigation; financial market conditions; and future business decisions made by us and our competitors.  All of these factors are difficult or impossible to predict accurately and many of them are beyond our control.  For a further list and description of these and other important risks and uncertainties that may affect our future operations, see Part I, Item 1A ? Risk Factors in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission, which we may update in Part II, Item 1A ? Risk Factors in Quarterly Reports on Form 10-Q we have filed or will file hereafter.  We disclaim any intention or obligation to publicly update or revise any forward-looking statements to reflect any change in our expectations or in events, conditions or circumstances on which those expectations may be based, or that may affect the likelihood that actual results will differ from those contained in the forward-looking statements.  This cautionary statement is applicable to all forward-looking statements contained in this document. CONTACT:  Steven Campanini508-652-5740 (office)Media RelationsBoston Scientific Corporationsteven.campanini@bsci.comSean Findlen617-520-7268 (office)Media RelationsWeber Shandwicksfindlen@webershandwick.comSean Wirtjes508-652-5305 (office)Investor RelationsBoston Scientific Corporationinvestor_relations@bsci.com  SOURCE Boston Scientific Corporation