|Boston Scientific won FDA approval for Precision Spectra.--Courtesy of Boston Scientific|
Boston Scientific ($BSX) has won the FDA's blessing to launch its Precision Spectra device, pain-relief technology the company says offers better coverage than any product on the market, giving the rebounding devicemaker a broader stake in a fast-growing space.
Precision Spectra is now cleared to treat chronic pain in the U.S., and the device is outfitted with 32 contacts and four lead ports, twice the capacity of any other approved technology, Boston Scientific says.
Neuromodulation is Boston Scientific's fastest-growing unit, charting a 9% revenue jump in 2012 and a 14% leap in the fourth quarter alone. The company now holds the second largest share of the U.S. market, and the stateside launch of Precision Spectra gives Boston Scientific a next-gen device it believes can beat out the competition, Neuromodulation President Maulik Nanavaty said.
|Boston Scientific Neuromodulation President Maulik Nanavaty|
"This is a really huge launch for us," Nanavaty said in an interview with FierceMedicalDevices. "Spectra has been 7 years in the making, and it's sort of a Holy Grail for the therapy of pain and treatment of pain."
Nanavaty estimates the market for spinal cord stimulation at about $1.2 billion in the U.S., and Boston Scientific is encouraged with the early response from physicians and patients, he said. Thanks to its expanded coverage area, Precision Spectra can treat sufferers of chronic back pain who previously had very few options, Nanavaty said.
"Every time you actually talk to patients, they ask, 'How come I've never heard of this before?'" he said. "'I wouldn't be on drugs. I'd be able to go back and live a normal life.'"
As the markets for implantable cardiac devices remain largely flat, Boston Scientific has invested heavily in its other business units, looking to counter its CRM slump with growth in areas like neuromodulation. The company won a CE mark for Precision Spectra back in December and launched the device in Europe and Australia late last year. In February, Boston Scientific signed a deal to get its spinal cord stimulation devices distributed in Japan.
CEO Mike Mahoney has preached a turnaround for the device giant since taking the reins last year, and his two-pronged plan for returning the company to annual growth involves investing in high-growth spaces like neuromodulation and renal denervation while slashing costs and jobs, including another 1,000 layoffs planned for 2013.
- read Boston Scientific's statement