Medtronic News

 

Medtronic reveals records request

- The Star Tribune, MN

12/05/2007 - Medtronic Inc. said in a quarterly filing Tuesday that it received a letter in late October from the U.S. attorney's office for the Eastern District of Pennsylvania requesting documents relating to the Fridley company's relationship with an unnamed customer.

The letter also asks for information regarding "payments or things of value'' provided by the company to physicians, physician groups, hospitals, medical practices and other related entities in connection with the purchase of its cardiac resynchronization devices and heart stents.

Medtronic did not elaborate any further in the filing, except to say it is cooperating with the investigation. A spokeswoman for the U.S. attorney's office in Philadelphia could not be reached for comment.

As previously reported, the U.S. Senate Committee on Finance requested information in September about financial ties between the medical device industry and practicing physicians.

Also in Tuesday's filing, the company said it received a letter from the Securities Exchange Commission (SEC) requesting information relating to possible violations of the U.S. Foreign Corrupt Practices Act in connection with the company's sale of medical devices in several foreign countries, including Greece, Poland and Germany. The act contains an antibribery provision.

The letter seeks information on payments made directly or indirectly to government-employed doctors, according to the securities filing. Medtronic noted that a number of unnamed competitors have received similar letters.

In November, the Department of Justice sent a letter to Medtronic requesting the same information sent to the SEC. The company said it will comply with both requests.