Medtronic (NYSE:MDT) and a major development involving medtech reimbursement dominated medical device industry news over the past week.
As the week closes out, there’s also a trending story on MassDevice that includes good news: Abbott (NYSE:ABT) is reportedly hiring 2,000 new employees in Illinois to increase manufacturing for its rapid COVID-19 test.
Want to hear more about the week’s top news? Executive editor Chris Newmarker and Tom Salemi will discuss the week’s “Newmarker’s Newsmakers” during our DeviceTalks Weekly podcast. Without further ado, here’s this week’s MassDevice Top Five:
5. FDA approves Medtronic MiniMed 770G insulin pump for young children
The FDA has approved the Medtronic MiniMed 770G hybrid closed loop-diabetes management system for Type 1 diabetes patients aged 2 to 6 years. The MiniMed 770G is the first-of-its-kind system that can automatically adjust insulin delivery based on continuous glucose monitor values for such young children. Read the full story.
4. IBM uncovers software vulnerability that could affect insulin pumps
A team of IBM security researchers uncovered a potential vulnerability in software from Thales that could affect insulin pumps. IBM’s “X-Force Red” team discovered the internet of things (IoT) vulnerability that can be remotely exploited in September 2019 with Thales’ Cinterion EHS8 M2M module, according to a report from SecurityIntelligence. Read the full story.
3. Elon Musk’s Neuralink moving forward with brain implant
Elon Musk is touting his Neuralink venture’s “Link” deep brain stimulator implant as a less invasive deep brain stimulation system — disclosing new details about the device. Speaking on a webcast, Musk detailed some aspects of the system. It has a small device with a rechargeable battery meant to last a full day, with wires embedded in the cortical surface of the brain for continuously recording 1,024 channels of neural signals at once. Read the full story.
2. Medtronic to save up to $475M a year from restructuring
Medtronic officials in the coming months will start a major restructuring of the world’s largest medical device company — with expected annual savings of $450 million to $475 million by 2023. The goal, according to a report Medtronic filed with the SEC, is to take the company’s current groups and reorganize them into “highly focused, accountable, and empowered operating units (OUs).” Read the full story.
1. CMS agrees to cover ‘breakthrough’ medical devices
Medicare patients will have coverage for medical devices the FDA designates as breakthrough technology under a proposed rule released this morning. Once the Medicare Coverage of Innovative Technology (MCIT) final rule goes into effect, national Medicare coverage will begin on the date a breakthrough device’s FDA market authorization would begin and continue for 4 years. Read the full story.