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Hmm...sometimes we kill ourselves. And, when it comes to unfettered capitalism, we do it in plain sight.
The U.S. Tried to Build a New Fleet of Ventilators. The Mission Failed.
What happened? Capitalism.
And the rest, as they say, is history.
The U.S. Tried to Build a New Fleet of Ventilators. The Mission Failed.
The plan was to build a large fleet of inexpensive portable devices to deploy in a flu pandemic or another crisis.
Money was budgeted. A federal contract was signed. Work got underway.
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And then things suddenly veered off course. A multibillion-dollar maker of medical devices bought the small California company that had been hired to design the new machines. The project ultimately produced zero ventilators.
What happened? Capitalism.
Covidien — a publicly traded company with sales of $12 billion that year — already sold traditional ventilators, but that was only a small part of its multifaceted businesses. In 2012 alone, Covidien bought five other medical device companies, in addition to Newport.
Newport executives and government officials working on the ventilator contract said they immediately noticed a change when Covidien took over. Developing inexpensive portable ventilators no longer seemed like a top priority.
And the rest, as they say, is history.