State's med-tech boom slows to a crawl

  • Article by: THOMAS LEE and JANET MOORE , S tar Tribune staff writers
  • Updated: June 20, 2009 - 10:06 PM

Investors are shying away from medical device firms as cost pressures mount.

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notaxmaxJun. 20, 09 1:33 PM

was for 1400 jobs in Texas, a state with no income tax, while laying off in Minnesota. With the chance of Obamas socialized medicine being enacted med-tek companies are posturing themselves for a world market and forgetting about new drugs and medical innovations, as there will be no way to re-coup development costs. Can anyone think of a drug or medical device which has been invented under government controlled medicine? Canada, Great Briton, any of the European countries, Cuba?

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depres08Jun. 20, 09 5:39 PM

Wouldn't it be great if all these smart people put their brain power to work on new medical technology to LOWER COSTS rather than coming up with more unproven, exotic technologies to solve medical 'problems' no one asked anyone to solve. The biggest health care innovation would be a universal coverage system where everyone could get basic care BEFORE these expensive exotic technologies are needed. For example to this loser with the 'ultrasonic mister' - Ww Payers are glad you're going bankrupt. Chronic woundcare has had plenty of 'innovation' - now we need CHEAPER ways to treat tough wounds (see KCI, what a disaster..they're fighting an IP battle while the competition is out there with solutions that cost 50% less, that's why their stock is at 5X earnings) Most of these projects started years ago, before companies, insurers, and the government recognized that the US costs are out of control and the system needs to change. I'm happy to see the gravy train end for these 'entrepreneurs' DO SOME REAL WORK AND GET THE COSTS OUT!!!!

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voronaJun. 20, 09 7:41 PM

I thought Nikels wasn't the one that started Celleration. Plus there is another player in TC that has better product then Celleration.

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montaguezxJun. 21, 09 5:58 AM

"To stay profitable, the industry needs to innovate constantly; two thirds of med-tech revenue last year came from products introduced over the previous two years, according to a report by Ernst & Young, the accounting and consulting firm." To me this paragraph best sums up why we pay so much for medical care and receive less value for our dollar than other countries. To notaxmax Maybe we don't hear about medical innovations in other countries because they don't hire PR firms here to plant puff pieces in the media about the latest expensive toy produced by a start up company. Maybe other countries are content to stick with tried and true courses of treatment that get the job done but don't generate new profits for their inventor. All I know is that our present health care delivery model is not sustainable.

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stpauljimJun. 21, 09 7:00 AM

There is an Obama puff piece on Obama's health care proposal on ABC soon.....He's had puff pieces on a couple other stations. He doesn't even have to pay for them. And also it takes years and $$$ to get approval from the govt for a new product. And also physicians etc get sued if they don't suggest or utilize the latest toy. THE TROUBLE WITH LIBERALS IS THEY THINK EVERYTHING IS FREE AND WITHOUT COST. DO YOU WANT THE SAME PEOPLE RUNNING THE POST OFFICE OR EDUCATION SETTING PRICES AND THEREFORE WAGES. THE 1970's USSR sounds like your ideal.

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concernedduhJun. 21, 09 7:11 AM

Health care is expensive, but the high cost are not just new drugs and technology, they are also service costs. Many Americans are spoiled and want to be treated for everything from a cold to their feelings of insecurity. They want to be serviced by the health care industry. No one thinks about health care costs when insurance pays for the majority of the costs. No other country consumes as many feel good medicines or treats as many people that are found not to be sick.

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stpauljimJun. 21, 09 7:19 AM

lots of people want health care for free.

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partagasJun. 21, 09 7:31 AM

go ahead and pass national health care, limit corporate salaries, tax investment capital, regulate the financial industry to the point where a beurocrat determines what investments private firms can make. If we would have done that years ago we could have prevented those unwise investments in the development of MRI's and CT scanners. Leaches and bloodletting worked just fine and were so much cheaper. We have too many people on the planet anyway - allowing nature to take its course and cull the human heard through injury and disease that we won't be able to treat. C'mon, for the good of the country, let's squash the entrepreneurial spirit. All those people do is risk their own money and invest 60 - 80 hours per week as they start and build companies and invent new products. They have no right to own their time, to choose how to spend it, or to profit from the sweat of their brow. They should just work their 40 hours per week (less four hours of websurfing on the clock), build sustainable products like tongue depressers, and do it for a fair wage.

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montaguezxJun. 21, 09 7:54 AM

The reason why it takes years and lots of money to put a product out is due to the severe consequences to patients if someone gets it wrong. Maybe you don't remember what happened when a wonder drugs called Thalidomide was used to treat pregnant women. THE TROUBLE WITH CONSERVATIVES IS THAT THEY THINK THAT EVERYONE IN THE WORLD EXISTS TO PUT A DOLLAR IN A RICH MANS POCKET. (Hey, shouting in caps is fun) Anyway, I am tired of paying for meidical care that does not seem to give me vaiue for the money I pay. I am really tired of knee jerk right wingers who insist that I choose between hanging on to a failed market driven philosophy of healthcare delivery or deciding to forget treatment and risk an early death because I can not afford the treatment.

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shill68Jun. 21, 09 7:55 AM

Uhh, to those that think innovation and high tech medical products somehow increased health care costs, please pull your head out of the sand. Make everybody responsible for paying for their healthcare instead of giving it free to the busloads of illegal immigrants and migrants from other less tolerant states, plus put a severe limit on medical malpractice suits and you'll see healhcare costs cut by 70%. Or, you can blame Bush, because even though Barry has tripled the national debt and taken over half the private sector in four months, we all know somehow Bush just has to be responsible for this mess. :-)

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