medical products

Stryker Corporation is amongst the leading manufacturers of medical technologies. Through the commitment of over 43,000 employees worldwide, the company provides a wide range of cutting-edge products and services in the fields of orthopedics, medicine and surgery, neurotechnology, and spine that assist enhance patient and hospital outcomes.

About The Company

American global medical technology company Stryker Corporation is headquartered in Kalamazoo, Michigan. The company manufactures various products like surgical instruments and surgical navigation systems, endoscopic and communications systems, patient handling as well as emergency hospital instruments, neurosurgical, neurovascular, and spinal devices. The majority of Stryker’s items are advertised directly to physicians, hospitals, and other healthcare organizations in the United States. Stryker products are available internationally in more than 100 nations via company-owned sales divisions, branches, as well as independent dealers, and distributors.

History

Dr. Homer Stryker, an orthopedist from Michigan founded The Orthopedic Frame Company, the forerunner of Stryker Corporation, in 1941. Among other things, Stryker invented the walking heel, the cast cutter, a device that eliminated cast material without harming underlying tissues, and the Turning Frame, a portable hospital bed that enabled the shifting of injured patients whilst maintaining necessary body immobility. The corporation was formally renamed Stryker Corporation in 1964. Stryker had its IPO in 1979, and after acquiring Osteonics Corporation, it entered the market for orthopedic implants such as replacement hips and knees. Annual sales peaked at $2.1 billion in 1999, and Stryker first appeared in the famous Forbes Platinum 400 and S&P 500 in 2000. Sales topped $3 billion in 2002, and Stryker made its debut in the Fortune 500. By 2012, the company had a global workforce of about 22,000 people and $8.7 billion in sales. Overseas sales accounted for 35% of those sales. Stryker, with an overall portfolio sales exceeding $8.6 billion, was placed at number 10 in a 2012 world market overview of the leading medical technology companies. Additionally, the company retains market shares of 35% globally for reconstructive surgery, 50% globally for medical surgery, and 15% globally for neurotechnology and spine.

Controversies

The Food and Drug Administration has issued three warning letters to the corporation since early 2007 due to non-compliance issues. There is a legal issue involving a subpoena linking Stryker Corp. to the aforementioned product sales misbehavior between the corporation and the US Department of Justice. In 2012, Stryker recalled several medical vacuum devices sold underneath the Neptune Waste Management System name. When the vacuum was accidentally used to draw a passive drainage tube, the devices—some of which had not been approved by the FDA—caused an accident that resulted in death. After it was determined that the Stryker Rejuvenate hip replacement was deemed faulty and could result in adverse effects comparable to those of DePuy hip implants, the FDA issued a warning for the hip replacement in 2012. As a result, Stryker was hit with fines of $1 billion and $2 billion in 2014 for their products which can result in severe agony.

Founder – Homer Stryker

The founder of Stryker Corporation is Homer Stryker. He is most recognized for his innovations that revolutionized orthopedic care and made life easier for medical professionals and hospital employees while also giving comfort to patients. In 1946, he established Orthopedic Frame Company Inc. to manufacture and market his inventions, even though his hospital bed product hadn’t yet been granted a patent. In 1964, Homer Stryker left the practice of medicine, and his business, formerly known as the “Orthopedic Frame Company,” changed its name to “Stryker Corporation.”

CEO – Kevin A. Lobo

Kevin A. Lobo has served as Stryker’s CEO since 2012. In 2014, he was appointed chair of the board. He joined the company in 2011. Mr. Lobo has a lengthy business career spanning several sectors. He has worked for reputed companies like Rhone-Poulenc, KPMG, Unilever, and Kraft Canada.