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Posted on 05/23/2012 5:16:09 AM PDT by TurboZamboni
Faced with no growth in two of its key medical-device markets, Fridley-based Medtronic said it would eliminate about 1,000 jobs, including 250 positions in the Twin Cities.
Most of the local job cuts -- which were first disclosed by the company earlier this month -- are in Medtronic's heart rhythm device unit, which is based in Mounds View and makes pacemakers and implantable cardiac defibrillators.
But Medtronic officials also said on Tuesday, May 22, that the company plans to hire 1,500 workers over the next 11 months. Many of the new hires will work in faster-growing markets overseas, but there will also be some hiring in the United States, said Amy Von Walter, a company spokeswoman.
(Excerpt) Read more at twincities.com ...
I understand. I imagine a large chunk of that $75K goes towards liability insurance and the horde of lawyers they have to keep on staff.
Technology is amazing. Unfortunately, lawyers and governments always screw things up.
Maybe they can all get jobs working for Al Franken. He knows everything.
That smacks of the same ignorance leveled toward pharmaceutical companies and the cost of prescription drugs.
Yes, the raw cost of the hardware and assembly might be $2K or $3K, but it fails to recognize other costs.
It ignores the cost of multiple device failures, years of waiting and numerous FDA trials required for certification.
Oh, since this is still the United States and we still have not replaced capitalism, your estimate also ignores a decent profit so your 401K keeps growing.
Global wage arbitrage strikes again.
This Medtronic operation was located in Anaheim, Ca back in the 1980s, IIRC. The SoCal plant closed in 1999 and moved to Minnesota when Medtronic acquired Avecor. California’s high costs and business-hostile environment was surely one reason for the move to Minnesota.
There were alot of medical device companies moving to the Minneapolis area at that time. It was supposed to be the new golden triangle.
RIGHT!!!! LOL!
Show my where I said I am being ripped off and should only have to pay the cost of the components and assembly. If you had actually read all my posts you would have seen that the $2K cost versus $75K price I get charged was a commentary on the broken legal system and government intervention. You would have also seen where I stated I would pay any price for my device as it has saved my life.
I have worked in the mfg industry for 20 years and part of my job is to manage my product’s revenue and margin. I also oversee product development, so I know all about how profit and the cost of R&D works.
I think your statement about the U.S and capitalism smacks of ignorance. I see more capitalism in China than I see here. Granted, the U.S. government doesn’t execute those who disagree with them - yet.
One more thing, I stopped contributing to my 401K years ago. I am already giving enough money to the government.
I apologize! After review, I unfairly interpreted your post.
Sensitive subject for me as well as a trigger finger.
Once again, I apologize.
Wrong division. The ICD was inhouse Medtronic(Fridley, MN) development. Avecor made disposable medical devices for heart and lung bypass surgery and long-term respiratory support. Goodies such as blood pumps, filters, and oxygenators.
You are to be commended. Not very many Freepers offer apologies anymore. I should have been more clear in my first post, because it could have been misconstrued is me complaining about the markup. I got testy in my response as well and am sorry.
What I was really wanting to communicate and failed to do so, was my concern about them outsourcing components to China in the name of increased profits. I know they should be allowed to make as much money as they can, but I would rather pay more for the device, than to cut costs by moving some of the mfg to other countries. Again, my device has saved my life many times, but unfortunately, I don’t get a choice in which ICD brand is implanted. My doc and the insurance decide that for me.
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