Economic News: J&J Partners with Indian Gov’t on Hip Implants Compensation
ECONOMIC NEWS – On Friday, Johnson & Johnson said that the company is planning to partner with the government of India in compensating patients who suffered from artificial hip implants.
A government panel recommended the 2 million rupees ($27,812) payment of J&J to compensate every patient who received an ASR hip implant in India. The estimated number of patients was 4,700. Moreover, the federal government has requested states to the patients get relief rapidly.
“We have always been and continue to be fully committed to supporting all ASR patients in India, and the rest of the world. In light of the recent committee report, we are seeking to work with the Indian government to develop an appropriate process for providing further support and compensation for patients in need,” a J&J spokeswoman said in a statement.
The ASR implants were recalled eight years ago following the revelation of data that it failed at a higher-than-expected rate.
J&J agreed to pay $2.5 billion as a settlement to thousands of lawsuits coming from the patients, who suffered from the implants, in the United States.
The company made a $2 million payment to patients in India for repeat surgeries. Further, J&J has also paid $250,000 in related diagnostic costs under its program on ASR reimbursement. However, the government panel condemned the said company for lack of compensation offer.
According to the panel’s report, there were about 93,000 people worldwide who received the ASR implants and 4,700 of them were in India.
ASR is a metal implant system which was designed in having better durability compared to the traditional metal-on-plastic, ball-and-socket design. However, the panel said that there were many Indian patients who suffered adverse reactions.
In 1947, the company started its market in India. Johnson & Johnson handled issues in the past few years on issues including price caps on medical devices.
Economic News: Australian stocks further drop at trade close
On Friday, the Australian stocks further declined at the trade close as losses in sectors such as Healthcare, Energy and IT headed the shares lower.
At Sydney close, the S&P/ASX 200 declined to 0.41%, hitting a fresh low in one month.
Galaxy Resources Ltd, Pilbara Minerals Ltd, and Sigma Pharmaceuticals Ltd were best performers during the S&P/ASX 200 session. Meanwhile, the worst performers during the session were Afterpay Touch Group Ltd, Southern Cross Media Group Ltd, and Nextdc Ltd.