The medical device manufacturing industry took a blow recently as one of its major producers has announced cuts of as many as 1,500 jobs, according to the Minneapolis Star-Tribune.
Between 1,100 and 1,500 jobs will be cut from Boston Scientific's payrolls from now through the end of 2015 as part of a restructuring effort to save funds, a spokesman for the company said. These moves are not expected to have a significant effect on the company's total workforce of around 24,000 employees.
These cuts come on top of a January announcement that brought losses of between 900 and 1,000 more jobs to the company's payrolls in an attempt to lessen the effects of the new United States medical device tax. Those were rolled into a restructuring program that led to the loss of 2,400 total jobs, making up 10 percent of its total workforce.
Boston Scientific is not the first major manufacturer in the field to cut jobs. Medtronic Inc. sliced 2,000 positions worldwide in May, while another 800 from St. Jude Medical were cut in late 2012.
According to Reuters, Boston Scientific has been making these cuts to address financial pressures in the global marketplace and strengthen its effectiveness and efficiency.