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High Price Device: Race to Innovate Medical Devices Fuels More Product Recalls

The rapid pace of innovation in medical devices resulted in an unfortunate side effect of increasing medical device recalls in the second half of 2016. Stericycle ExpertSOLUTIONS looks at trends in this industry and others in the recently released Recall Industry Spotlight. The biannual Industry Spotlight, which examines trends in a specific industry, found that medical device recalls heated up quickly as the year progressed, increasing 44 percent from the first half of the year.

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Choosing the Right Recall Remedy

When a recall occurs, there are many steps companies must think about, including what the appropriate remedy should be. Depending on the industry and the type of product, there are generally four options to choose from: full reimbursement, a coupon or credit toward the purchase of a similar item, replacement, and repair. In some cases, companies may choose some combination of those options based on the age of individual products affected and other factors involved.

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The “One Click Rule” …Coming to a Website Near You?

Anyone who has ever had a prescription filled knows these drugs come with a lengthy list of both benefits and risks that could rival many peer-reviewed journals. But of course, that isn’t the only place both types of information must be listed. Any promotion of a drug’s claims must also include a “fair balance” of risk information as well. The requirement has made many forms of online marketing difficult due to lack of space. Now, the Food and Drug Administration (FDA) is

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The Access Factor: Why Recall Records Matter

Product recalls are unavoidable for manufacturers operating in today’s global economy. In this environment there is no substitute for planning and preparedness for every facet of a recall, including records maintenance. With that in mind, let’s take a quick look at the essential elements of recall documentation. A number of recall records are required to efficiently execute an event, among them: Data on complaints, warranty returns, insurance claims, and lawsuits.

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Recall It Right: The Importance of Effectiveness Checks

Navigating a product recall can be a daunting experience with long-term implications for brand reputation, and chances of high financial damage if manufacturers are caught off-guard. One of the biggest risks companies face is ensuring that consumers and other supply chain stakeholders are aware of the recall so all affected product can be removed from the marketplace. For this reason, effectiveness checks are often critical components of a successful recall strategy.

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