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Boston Scientific Corporation

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Boston Scientific Corporation - Healthcare showcase

Year Founded & Workforce

1979

36,000 Employees

Industry

Healthcare

Services

EmbolizationCancer TherapiesHemorrhoid treatment devicesTumor AblationPeripheral Nerve Stimulator
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Boston Scientific Corporation Employee Contacts

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Boston Scientific Corporation Overview

Company Headquarters: Massachusetts, US

Founded: 1979

Workforce: ~36,000

Company Working: Boston Scientific Corporation is a worldwide developer, manufacturer, and marketer of medical devices used in a range of interventional medical specialties. The company collaborates with healthcare professionals to develop a broad portfolio of meaningful innovations that improve outcomes, reduce costs, and increase efficiencies. Its product portfolio is majorly divided into endoscopy, interventional cardiology, neuromodulation, peripheral interventions, rhythm management, and urology & pelvic health. In addition, Boston Scientific serves hospitals, clinics, outpatient facilities and medical offices across the world. Boston Scientific Corporation's manufacturing facilities are located across Malaysia, the US, and Ireland. Apart from this, it has a presence in countries like Japan, the Netherlands, France, Poland, India, China, Turkey, South Africa, and Singapore.

Strategy

Boston Scientific Corporation is focused on acquisitions and collaborations to boost its market growth. The company is also focused on increasing its product portfolio. Moreover, the company aims to invest in infrastructure in emerging markets to strengthen sales. The company is dedicated to collaborating with healthcare professionals to develop a broad portfolio of meaningful innovations that improve outcomes, reduce costs, increase efficiencies, and most importantly, help people around the world to live longer and healthier. The company emphasizes sustainable business practices, strengthening sales support, and building a competitive product portfolio & efficient supply chain.

Company Snapshot

$8,386M

Revenue

36,000

Employees

1979

Founded

Massachusetts, US

Headquarters

SWOT Analysis

Strengths

  • More than 13,000 products made in about a dozen factories worldwide
  • Products marketed in more than 115 countries
  • Market leader in medical supplies and devices
  • Global presence
  • Unique products
  • Strong customer base
  • Strong R&D
  • Strong brand name
  • Worldwide presence with a strong distribution network
  • Sustainable product pricing
  • Huge product portfolio
  • Strong strategic moves, such as acquisition of BTG PLC
  • Strong strategic moves
  • Strong global presence
  • Strong brand image

Weaknesses

  • High cost of production
  • Limited presence in developing countries
  • Imitation of products manufactured by the company
  • Product recalls in the recent years can affect the company’s image
  • High dependence on the US market
  • Sales of Oncozene and Embozene microsphere products for USD 90 million to Varian Medical Systems can hinder the market share
  • High cost of production leading to less profits
  • High dependency on the US market
  • High cost of production of certain products
  • Limited success outside core business
  • Challenges in moving to other product segments with its present culture

Opportunities

  • Worldwide expansion through mergers & acquisitions
  • Strategic tie-ups with other pharma companies to fuel its research & development activities
  • Developing innovative products through R&D
  • Expansion of the product portfolio by launching new products
  • Strategic tie-ups with other medical device companies to fuel its research & development activities
  • Expansion of the product portfolio through mergers & acquisitions
  • Strategic tie-ups with other medical device companies to fuel its R&D activities

Threats

  • Strong competition from Tier 1 companies
  • Intense competition in the market
  • Intense competition
  • Price wars
  • Government regulations
  • Patent disputes with Edwards Lifesciences Corporation can tarnish company’s image
  • Threat from decreasing operational growth
  • Strong competition from Tier 1 companies and new environment regulation
  • Availability of counterfeit products

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Key Developments

DateApproachDevelopment
–Product ApprovalThe company received FDA approval for the Spectra WaveWriter spinal cord stimulator (SCS) system.
–Product ApprovalThe company received FDA approval for the Vercise deep brain stimulation system.
–Product ApprovalThe company received the CE mark for Vercise Gevia deep brain stimulation system.
–Product ApprovalThe company received FDA approval for its Precision Montage MRI Spinal Cord Stimulator System.
–Product ApprovalThe company received CE mark for Vercise Primary Cell deep brain stimulation.
–Product LaunchThe company launched the Precision Novi spinal cord stimulator system in Europe.
August 2019AcquisitionBoston Scientific Corporation acquired BTG PLC which develops products used in minimally-invasive procedures targeting cancer and vascular diseases, as well as specialty pharmaceuticals
June 2021AcquisitionBoston Scientific Corporation (US) acquired the remaining shares of Farapulse, Inc.(US) The acquisition will complement the existing electrophysiology portfolio of Boston Scientific to include the FARAPULSE Pulsed Field Ablation (PFA) System – a non-thermal ablation system for the treatment of atrial fibrillation (AF) and other cardiac arrhythmias.
September 2020Product LaunchBoston Scientific Corporation announced the launch of “WaveWriter Alpha”. This product contains four MRI conditionali, Bluetooth-enabled implantable pulse generators (IPGs), proposals expanded personalization based on patient needs, including non-rechargeable and rechargeable alternate, and access to waveforms that can protection many areas of pain.

Product Offering

  • Boston Scientific Corporation
    • Embolization
    • Cancer Therapies
    • Hemorrhoid treatment devices
    • Tumor Ablation
    • Peripheral Nerve Stimulator
    • Sentinel Node Biopsy Market

Financial Performance

Explore key financial metrics, segmented revenue, balance sheet health, and performance trends.

By Business Segment: Total Sales rose from USD 9,913 Mn in 2020 to USD 12,682 Mn in 2022.
Boston Scientific Corporation — By Business Segment
Series (USD Mn)202020212022
Total Sales9,91311,88812,682
R&D Expenditure1,1431,2041,323

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