J&J's aggressive moves in orthopedics has industry executives nervous, most recently about its purchases of artificial disk maker Waldemar Link and biomaterials expert Orquest. The Link valuation (J&J is paying $325 million upfront, plus earn-outs) isn't quite as high as some earlier orthopedics deals, but it is still comparatively substantial. With Link and Orquest under its roof, J&J is poised to assume market leadership in the traditional orthopedics markets and also in spine.

At an otherwise quiet American Academy of Orthopedic Surgeons meeting, the biggest news was Smith & Nephew's acquisition of pain specialist Oratec Interventions. Times have never been better in orthopedics, and the Smith & Nephew deal raises the question whether the industry is about to see a period of robust deal-making.

Agency commissioner appeals to AMA audience to communicate message that FDA review decisions are based on good science.