Boston Scientific to restructure CRM research and development sources

Medical Company Restructures

Boston Scientific has announced that it plans to reallocate its cardiac rhythm management (CRM), research and development resources. This reorganisation is intended to enhance the company's productivity and competitiveness and increase its innovation.

This plan aims to assist the company to deliver new products to doctors and patients and enable it to improve its market share and improve trust in the company's CRM business.

As part of the proposals, the company will reduce staff by between 500 and 600 during the first quarter of the year.

Jim Tobin, president and chief executive officer of Boston Scientific, said: "This plan will shift resources from less productive projects to more productive ones, reinvigorating our product pipeline and driving top-line growth."

He added that this plan would be combined with improved sales and marketing execution to allow the company to deliver a greater range of improved products.

Boston Scientific released preliminary sales figures for its CRM unit in the fourth financial quarter of 2006, reporting a ten per cent increase over the previous quarter, reaching $489 million (252.2 million pounds)

The Associated Press reported that, despite these figures, shares in the company fell 21 cents on the New York Stock Exchange, closing at $17.6 on Tuesday.

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