What remains to be seen is what type of sentencing awaits four Syntes executives who are to be sentenced sooner or later. By Wyss' standards, this is a spit in the bucket for one of the richest men in the world. I guess it goes to show you that money does buy you the best attorneys, whom cut the best deals. As for the four former and present executives, time will tell.
Monday, October 4, 2010
This Must Be Synthes Lucky Day
Hansjoerg Wyss is a Swiss National. But today, he must feel like he hit the Irish Sweepstakes. Just like the European Ryder Cup Team, the Weezer averted disaster today, Wyss and his beloved "Syntes" ( can you hear his lisp) dodged another bullet. It was reported in the LA Times that Syntes will pay a $23 million dollar fine for illegally testing Norian in 200 spinal patients, resulting in three deaths. In addition, Norian and Syntes pleaded guilty to criminal charges.
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That's $23 million in punitive damages but the civil damages could easily be in the hundreds of millions. Do you think Wyss threatened to pull Synthes out of PA if he was personally prosecuted? I can't think of any other reason why they didn't pursue him in the indictment; seems ripe for an investigative reporter.
ReplyDeleteWonder who will buy the Norian business and if there's a (end of yr) deadline? My bet is a mid-size outfit might be interested (e.g. Amedica) or perhaps a larger player interested in the space (e.g. Boston Sci).
ReplyDeleteSausage making at it's finest my friends.
ReplyDeleteThis is a vendetta blog. What a small mind you have.
ReplyDeleteis amedica buying synthes spine?
ReplyDeleteNo ya morons. Did anyone really read the reports? It said Synthes is selling Norian to a 3rd party equity group and they will maintain all distribution rights. So what that means is nothing will change. Especially for the spine division as Spine doesn't sell Norian (anymore obviously). Synthes messed up in letting this happen in the first place and more punitive damages may come down the road. As much as I would like to run with story against Synthes and take some more market share it is nothing to get real excited about.
ReplyDeleteExplain how this post is a vendetta? Are you reading the same thing that I am reading? Don't be so thin skinned there is actually some humor here. Let's see if the owner makes good on his employees sentencing. You know it's not like he had anything to do with this considering he was person of special interest #7 during the investigation
ReplyDeleteSo who were the winners of the 2010 spine technology awards last night?
ReplyDeletewhy are synthes reps so irritating?
ReplyDeleteAMedica did it again!!!!!!!!! outstanding achievement!!
ReplyDeletehttp://www.amedicacorp.com/company/news/10.05.10.pdf
Anyone else see there is a company at NASS selling their POD model? If a company is willing to set up a booth and advertise this model, I don't think the DOJ is overly concerned.
ReplyDeleteIt is a reasonable model. What company/booth is it?
ReplyDeleteAmedica is a joke! Smoke and mirrors! Cages do move post-op!
ReplyDeleteVendetta? Don't think the families of the three people killed with the product feel that way.
ReplyDeleteThe real questions is has Synthes learned it lesson? I'm guessing not with one of the persons involved in Norian running their Clinical Department along side a bunch of marketing people.
ReplyDeleteNorian = $80M in sales the past five years, $24 M fine, criminal suit, cival suit, four execs looking for a plea bargain.
ReplyDeleteMDT = off label BMP = $4.5Billion in revenue (95% of the use is off label) the past five years, number of patient deaths? Number of required revisions due to use?
Tracking ICD9 code for BMP (non-revenue code) with CMS recommending non-coverage for off-label reimbursement.
Hmm...
MM, I love the "mis-pronunciation humor"! (I am sure you know that all germanic speaking europeans pronounce Synthes that way) As I have changed my pronunciation of strategy to "strategery" (SNL, Will Ferrel impersonation of Pres. Bush II) I will forever call it Syntes, out of respect for it's leader.
ReplyDeleteAlso, the reason Syntes reps are so irritating is because they are all brainwashed into the double secret probation AO society and believe that every product they sell has been locked in AlGore's lock box and no one knows what it's about (eerie music playing in the background). Proof of this is when you walk close to their booth at a meeting they form a human wall in front of you so you can't "peer into their dark chamber of products". How silly is that?! Yes, I second the moniker for the Syntes reps, irritating!
...SpineSeller
is this blog written by Bill Cerullo?? He has "intimate" knowledge of Syntes.
ReplyDeleteHey 744am, are you a 13 year old girl, if not you write like one better than anyone outside of 13 year olds.
ReplyDeleteEvery company has there brainwashed reps. They don't last long or in truth don't really believe the hoopla. Quit chirping like a punk.
Well, well, well ...we have absolutely demonstrated the truth of the new "irritating" moniker via the comments made by the last submission on 10/8 7:56 PM. Still studying your Matrix Surgical Technique or did you nod off last night while reciting your from your AO prayer book? Oh, sorry I wasn't suppose to know that deep dark little AO secret you've been keeping from all of us, was I now?! You Syntes Spine "consultants" are laughable. Oh, and one more thing, I love taking business from Syntes...like candy from a baby!
ReplyDelete...SpineSeller (a.k.a. the 13 year old girl)
Hey SpineSeller, I work for the #1 spine company and not the #3 company you are all hot and bothered about.
ReplyDeleteMy beef is there are too many companies flooding the market with reps that want to generalize about other companies. That kind of crap is what puts a bad taste is HCPs mouths.
Know your facts and act like a professional.