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Employee Retention of Boston Scientific

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Pratik Kukreja
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pratikkk
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Employee Retention of Boston Scientific - April 5th, 2011

The Boston Scientific Corporation (NYSE: BSX) (abbreviated BSC), is a worldwide developer, manufacturer and marketer of medical devices whose products are used in a range of interventional medical specialties, including interventional cardiology, peripheral interventions, neuromodulation, neurovascular intervention, electrophysiology, cardiac surgery, vascular surgery, endoscopy, oncology, urology and gynecology.
Boston Scientific is well known for the development of the Taxus Stent, a drug-eluting stent which is used to open clogged arteries. This product was at the center of a claim of patent infringement on the part of Boston Scientific, which was found liable for $431 million in damages.[1]
Boston Scientific's main competitors are Johnson & Johnson, Medtronic, and St. Jude Medical. The company recently acquired longtime competitor Guidant for approximately $27 billion. The former Guidant was split between BSC and Abbott Laboratories. [2] [3]
Navilyst Medical was formed in February 2008 from Boston Scientific's Fluid Management and Vascular Access business units. [4]
Beginning in 2003, Johnson & Johnson and Boston Scientific have been involved in a series of litigation involving patents covering heart stent medical devices. Both parties claimed that the other had infringed upon their patents. The litigation was settled once Boston Scientific agreed to pay $716 million to J&J in September 2009 and an additional $1.73 billion in February 2010.

Medical Plan
Our PPO plans allow participants to receive care
from a medical provider within the network or see any
“out‑of‑network” provider. Prescription drug coverage under
the PPO plans is provided by CVS Caremark. Employees
in CA may choose between PPO and HMO options. If you
select the HMO option, your prescription drug coverage is
provided by the HMO.
Lifestyle, Condition and Maternity Management
Programs
You may want to improve or better manage your health –
but may not be sure how to begin. To help you get started,
Boston Scientific partners with Nationwide Better HealthSM
to offer wellness and health management programs such
as personal health coaching, guidance for expectant
mothers and support for chronic health conditions all
designed to help you live a healthier life.
Medical and Surgical Decision Support Programs
Medical Decision Support provides the latest research and
available treatment options for any medical diagnosis or
health topic to help you make an informed decision about
any health situation. It can help you:
yyMake well‑informed medical decisions
yyImprove communication with your doctor
yySave time searching for accurate health information
yyReduce stress when facing important decisions
When diagnosed with a health condition or recommended
for surgery, get the information you need to take an active
role in making decisions that are right for you.
Dental Plan
The Delta Dental Premier USA Plan:
yyPays the full cost of preventative care, including routine
cleanings, exams and X‑rays
yyShares costs for other dental services provided by any
dentist of your choice
yyOffers a calendar year benefit maximum of $2,000 per
covered individual
yyOffers an orthodontia lifetime benefit maximum of $2,000
(adult and/or child)
Vision Plan
EyeMed Vision Care:
yyProvides an allowance for an eye exam, one complete
pair of lenses or pair of contact lenses every calendar
year, and frames every two calendar years
yyAllows participants to obtain services provided through
the EyeMed Select Vision network of providers or
“out‑of‑network” providers
Long‑Term Care Insurance
You may purchase a personally‑owned policy to
help you with the costs associated with one or more
medically necessary diagnostic, preventive, therapeutic,
rehabilitative, maintenance or personal care services,
provided in a setting other than an acute care unit of a
hospital, such as in nursing home, in the community or in
the home.
Survivor Income Plans
To help families guard against the loss of income if an
employee dies, Boston Scientific offers three types of
insurance at no cost to you. Unless otherwise noted, the
maximum benefit payable under each plan is $1M.
Additional term life insurance is available through after‑tax
payroll deductions. Coverage for voluntary plans is
effective as soon as administratively practicable following
receipt of your enrollment.
Basic Life Insurance
Pays 1x your current annual benefit base salary* with a
minimum benefit of $50,000
Basic Accidental Death and Dismemberment (AD&D)
Provides up to the same level of coverage as above except
that it is only payable in the event of accidental death or
serious injury
Business Travel Accident Insurance
In the event of accidental death or serious injury while
traveling on company business the plan pays 1x your
annual benefit base salary.* The minimum death benefit
the plan will pay is $50,000.The maximum death benefit
the plan will pay the beneficiary of a part-time employee is
$150,000; the maximum death benefit the plan will pay the
beneficiary of a full-time employee is $1,000,000.
Voluntary Term Life Insurance
Employee: Elect coverage up to 6x your current annual
benefit base salary*
Spouse or Domestic Partner: Elect coverage up to
$250,000
Children: Elect coverage up to $15,000
Voluntary AD&D Insurance
Employee Only: Elect coverage up to 6x current annual
benefit base salary*
Employee Plus Family: Elect coverage up to 6x current
annual base salary* (Spouse or Domestic Partner is
covered at 60% of the employee’s election up to $360,000;
children are covered at $25,000 per child.)
* Includes 36‑month average of commission and commission bonus
for field sales representatives only

Boston Scientific Corporation (NYSE: BSX - News) today announced major plant and employment expansion plans in Minnesota, headquarters of its Cardiovascular group. At a press conference at its Maple Grove, Minnesota facility, the Company said it plans to construct a new 120,000 square-foot building at the Maple Grove campus, providing space for up to approximately 600 new employees. The Company expects to hire the additional 600 employees between now and 2008. The new building will house primarily research and development laboratories and offices. Boston Scientific currently employs approximately 2,500 people in Minnesota, at facilities in Maple Grove and Plymouth. The Company hired approximately 570 people in Minnesota last year.
Maple Grove is one of two locations where Boston Scientific manufactures its TAXUS(TM) Express2(TM) paclitaxel-eluting coronary stent system (the other is Galway, Ireland). Boston Scientific launched the TAXUS system in Europe and other international markets in 2003 and is the leader in those markets today. Approval of TAXUS by the U.S. Food and Drug Administration is expected this quarter.
"We've been growing steadily, and we've outgrown our existing space," said Paul LaViolette, Boston Scientific Senior Vice President and Group President, Cardiovascular. "Our expansion plans for Minnesota reflect our expectation of continued growth, driven by our anticipated U.S. launch of TAXUS this quarter as well as other products in the pipeline."
Boston Scientific is a worldwide developer, manufacturer and marketer of medical devices whose products are used in a broad range of interventional medical specialties. For more information, please visit: www.bostonscientific.com.
This press release contains forward-looking statements. The Company wishes to caution the reader of this press release that actual results may differ from those discussed in the forward-looking statements and may be adversely affected by, among other things, risks associated with the commercialization of new technologies, operational efficiencies, and other factors described in the Company's filings with the Securities and Exchange Commission.

Boston Scientific is a global leader in the medical device industry. Because we make products that impact people’s health – and lives – we’re dedicated to putting quality first in everything we do.
As a member of our team, you’ll be part of an inclusive culture of excellence, where you’re encouraged to learn and grow, working to create and promote products and therapies that help improve the quality of patients’ lives. You’ll be part of something that’s changing and growing, renewing our capabilities all the time with new and diverse ideas and people.
Be part of a global organization that puts quality first, every day. Learn more about a future at Boston Scientific – where people are proud of the company they work for, and have the opportunity to make a difference.
Recent Updates
Boston Scientific Galway Wins 2010 Company of the Year
Engineers Ireland recognizes Boston Scientific for its efforts in Continuing Professional Development.
Learn More»
Popular Science's "Best of What's New" Award
Boston Scientific Corporation announces that its newly acquired subsidiary, Asthmatx, Inc., was awarded the 2010 Popular Science "Best of What's New" Award in the Health category for its Alair® Bronchial Thermoplasty System.
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