Life Sciences Layoffs Beginning to Spill Over To Medical Devices Companies
Medtronics, the world's largest medical-device company, announced today that it will lay off 1,500-1,800 employees after posting a fiscal fourth-quarter profit that plunged 69 percent on slipping sales,restructuring and other charges. About 400 employees already have accepted buyout offers and will leave the company by the end of the month.
Until now, the medical devices and diagnostic industries, unlike pharma and biotech had had remained unscathed by the current economic downturn. Medtronic’s financial woes are mainly a result of questions about its implantable devices which have come under fire recently because of safety concerns. Nevertheless, don’t be surprised if you see other medical devices and diagnostic companies begin to layoff workers as the financial crisis deepens and medical and healthcare costs continue to rise.
Hat tip to Iguana Bio.
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It is estimated that over 5000 medical device sales positions have been eliminated this year as companies prepare for the new selling environment which will be created by Obamacare. Many more jobs in medical sales will be impacted if the public option becomes a reality.