Covidien Plc, one of the world's largest healthcare devices and disposables makers, yesterday announced its plans to spin off its pharmaceutical business into a stand-alone public company.
The $11.6-billion healthcare products company, manufactures, distributes and services a diverse range of industry-leading product lines in three segments - medical devices, pharmaceuticals and medical supplies.
Covidien's pharmaceuticals business, which accounts for about $2 billion of Covidien's sales, is one of the world's largest producers of bulk acetaminophen, the largest supplier of opioid pain medications in the US, and is among the top 10 generic pharmaceuticals manufacturers in the US, based on prescriptions.
Covidien's pharmaceuticals business is also one of the world's leading suppliers of generators used to produce technetium-99m, a critical diagnostic medical isotope. It also is the only manufacturer that offers a fully integrated system of diagnostic contrast media in prefilled syringes and injectors.
Since 2008, this business has received US Food and Drug Administration approval for eight new products, including two branded pain products launched in 2010.
Covidien pharmaceuticals business includes contrast media/delivery systems, nuclear medicine products, urological imaging systems, specialty branded pharmaceuticals, specialty generic pharmaceuticals, addiction treatment and active pharmaceutical ingredients
Its medical products business includes incontinence, wound care, enteral feeding, urology and suction products, operating room supplies, electrodes, thermometry products, chart paper, needles, syringes, sharps disposal products and OEM products