MEMPHIS, Tenn., May 15 /PRNewswire-FirstCall/ -- Smith & Nephew's Orthopaedics business announced today it has made its first contribution to the Orthopaedic Research and Education Foundation (OREF) for continuing medical education (CME) grants. Smith & Nephew announced in January it entered into a grant administration agreement with OREF under which OREF would serve as an independent grant-making organization for Smith & Nephew's financial support of research and education in orthopaedics.
The funds have been contributed by Smith & Nephew to OREF's Clinician Development Program, a comprehensive new system developed by OREF to generate industry support for orthopaedic research and education in a way that ensures transparency in the allocation process, relying on the history and experience of OREF as an independent, non-profit foundation. These grants will be available to partially or fully support qualified courses that are accredited by the Accreditation Council for Continuing Medical Education and are designed to help orthopaedic surgeons learn new procedures and treatment protocol, refine surgical skills, and gain hands-on experience with new implants and other devices.
Smith & Nephew is unique among all orthopaedic companies in that it is providing grant support for research, graduate medical education (GME) fellowships, and continuing medical education (CME) -- all through OREF's new system.
"We are committed to continuing our longstanding support of all areas of orthopaedic skills development because that eventually provides benefits for patients," said Dr. Peter Heeckt, Chief Medical Officer of Smith & Nephew. "By making all of our contributions for research and education in the area of hip and knee arthroplasty through OREF, we can foster those programs that make a difference in physician skills development and patient care, and can set an example of how we feel this type of support will be managed in the future."
"OREF is grateful to Smith & Nephew for their willingness to participate in this innovative program that facilitates industry support for a broad array of programs, including CME," said Dr. William Cooney, Chairman of the Board of Trustees of OREF. "The landscape for funding research and education is becoming much more complex, not just in orthopaedics, but in all of medicine. We believe that this program may serve as the model for how such funding can be provided in the future, and are pleased that Smith & Nephew shares that vision."
About Smith & Nephew
Smith & Nephew is a global medical technology business, specialising in Orthopaedics, including Reconstruction, Trauma and Clinical Therapies; Endoscopy and Advanced Wound Management. Smith & Nephew is a global leader in arthroscopy and advanced wound management and is one of the leading global orthopaedics companies.
Smith & Nephew is dedicated to helping improve people's lives. The Company prides itself on the strength of its relationships with its surgeons and professional healthcare customers, with whom its name is synonymous with high standards of performance, innovation and trust. The Company operates in 32 countries around the world. Annual sales in 2008 were $3.8 billion.
OREF is a 54-year-old independent, non-profit organization that was created specifically to receive donations from individuals and companies to foster research and education in orthopaedics. Since its inception, OREF has made more than 3,300 grants totalling nearly $95 million to individuals and organizations. OREF's independent peer review process to evaluate grant applications is based on the standards of the National Institutes of Health (NIH).
This press release contains certain "forward-looking statements" within the meaning of the US Private Securities Litigation Reform Act of 1995. In particular, statements regarding planned growth in our business and in our trading margins discussed under "Outlook" are forward-looking statements as are discussions of our product pipeline. These statements, as well as the phrases "aim", "plan", "intend", "anticipate", "well-placed", "believe", "estimate", "expect", "target", "consider" and similar expressions, are generally intended to identify forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors (including, but not limited to, the outcome of litigation and regulatory approvals) that could cause the actual results, performance or achievements of Smith & Nephew, or industry results, to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Please refer to the documents that Smith & Nephew has filed with the U.S. Securities and Exchange Commission under the U.S. Securities Exchange Act of 1934, as amended, including Smith & Nephew's most recent annual report on Form 20F, for a discussion of certain of these factors.
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