Boston Scientific Bolsters Chronic Pain Business With Cosman Medical Buy
Boston Scientific said Wednesday it would expand its neuromodulation business with the purchase of Cosman Medical Inc., a supplier of chronic pain treatment systems.
Marlborough, Massachusets-based Boston Scientific—which employs roughly 7,100 workers in Minnesota—did not disclose how much it paid for the Cosman.
“This acquisition is a natural extension of our current product portfolio,” said Maulik Nanavaty, president of Boston Scientific’s neuromodulation business. By integrating the portfolio of Burlington, Massachusetts-based Cosman with its own, Nanavaty believes Boston Scientific’s product line will “provide physicians and patients more options to address chronic pain with non-opioid therapeutic treatments.”
Cosman is known for its comprehensive offering of radiofrequency ablation (RFA) systems. RFA systems target dysfunctional nerve tissue, such as a tumor or failing heart artery, and apply heat to interrupt pain signals.
Additionally, Cosman manufactures a range of spinal cord stimulator (SCS) systems, which operate much the same as RFA systems. However, SCS systems instead send electrical signals to the spinal cord to block pain signals from reaching the brain.
In America alone, chronic pain treatment is an enormous market valued at about $635 billion. One in three Americans are said to suffer from chronic pain and more than 100 million people are partially or totally disabled by pain. According to the American Chronic Pain Association, it is also the number one cause of disability in adults in the U.S.
Last year, Boston Scientific’s neuromodulation division sales topped $500 million. The company expects the addition of Cosman products like its Precision Montage MRI SCS System will help stimulate its own sales around the start of its fiscal 2017-year.
“We are pleased to join the Boston Scientific team and help expand access to leading treatments of chronic pain,” said Eric Cosman, scientific director of Cosman Medical. “This acquisition comes at a time when our society is recognizing the impact of relying extensively on opioids to treat pain and is looking for additional approaches. Our mutual commitment to innovation and quality will help us deliver those solutions.”