Medtronic, the world’s largest manufacturer of medical devices, is in the process of restructuring to accelerate growth in the future. The restructuring plans were announced this August and included leadership changes, as well as consolidation of its businesses into two operating units. The news came just after the announcement of a 38% dip in Medtronic stock in mid-August. The leaner operations may have helped Medtronic’s bottom line, but they came at the right time as medical device manufacturers such as St. Jude have reported soft sales in 2009 due to macroeconomic factors.

Medtronic is one of the medical industry’s best success stories, being founded in a garage in 1949 in Minneapolis by Earl Bakken and Palmer Hermundslie. Their consolidation from six to two business units represents a very lean restructuring of the company. The company is best known for its pacemakers, but also manufactures equipment for diabetes testing. They employ over 41,000 people and their revenue in 2008 was $14.5 billion.

The Senate Finance Committee will be voting October 13 on its overhaul to the health care bill. The newest incarnation of the bill has a price tag of $893 billion. The bill was drafted by the Commitee Chairman, Max Baucaus (D- Montana). It is expected to pass, but not without some “nay” votes from some Democrats, who object to it based on differences over how to expand coverage.

The bill has been changed substantively since its inception, with a provision included to exempt all Americans over 65 among others. The bill will basically require all Americans to have some form of health insurance, similar to the current requirement to have car insurance. The main concern of the opposition is that younger taxpayers have to shell out an abundance of new taxes in order to pay for the plan.

The package introduced by the bill will expand coverage to over 94% of Americans. All Republicans are expected to vote against it except perhaps Rep. Olympia Snowe of Maine. The final committee vote will bring the bill out of committee and onto the senate floor within two weeks of a pass in committee.

For more see the Washington Post.