PHILIPS

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• Philips makes $631 mln provision for recall litigation costs

  Amsterdam-based Philips is grappling with the fallout of a global recall of millions of respirators used to treat sleep apnoea, announced in June 2021 over worries that foam used in the machines could become toxic. The recall has knocked off around 70 per cent of Philips' market value over the past two years as investors fear the costs of a string of lawsuits launched by concerned patients.

  

• Revving up innovation and manufacturing in India for the Medtech sector

  The medical devices sector in India has the potential to deliver tremendous growth to the country’s economy. As per estimates by the Government of India, the sector is pegged to grow at 28% p.a. to reach a size of USD 50 bn by 2030. These are extremely bullish projections for an industry whose share in the global medical devices market is currently 1.5%.

  

• Philips expects to reach recall settlements this year

  A spokesperson for Philips confirmed the quotations in the newspaper were accurate. Shares in the Amsterdam-listed company were up 3.9 per cent to 16.14 euros at 0729 GMT.

  

• U.S. FDA classifies recall of Philips' respiratory devices as most serious

  The U.S. health regulator said the silicon foam used in some reworked ventilator models may separate from plastic backing due to adhesive failure and can reduce the air flow as well as cause debris contamination. The company's ventilators provide breathing assistance to both pediatric and adult patients.

  

• Philips scraps 6,000 jobs in drive to improve profitability

  The new reorganisation comes on top of a plan announced last October to reduce its workforce by 5 per cent, or 4,000 jobs, as it grapples with the fallout from the recall of millions of ventilators used to treat sleep apnoea over worries that foam used in the machines could become toxic.

  

• US FDA inspects Philips plant in Netherlands

  A spokesperson confirmed a report in Dutch paper Eindhovens Dagblad that the US inspectors were looking at quality control at the factory in the town of Best, where Philips makes scanners.

  

• Philips says tests on recalled products show limited health risks

  The company rocked investors last year by recalling millions of breathing devices and ventilators used to treat sleep apnea, because foam used to dampen noise from the devices might degrade and become toxic, carrying potential cancer risks.

  

• Philips seeks to escape economic loss claims over recalled sleep apnea machines

  The plaintiffs seeking economic damages said that they would not have paid for the devices if they knew of the danger and that despite Philips' offer to repair or replace them, the recall had rendered them worthless.

  

• Philips recalls some previously replaced ventilators -FDA statement

  Philips could not immediately be reached for comment on Monday. The FDA said the company had notified it that the sound abatement foam could come loose in some refurbished models, "lowing the inspiratory pressure."

  

• Healthcare tech giant Philips scraps 4,000 staff worldwide

  Dutch healthcare technology giant Philips is scrapping 4,000 staff worldwide amid the fallout from a recall of sleep apnea machines and economic headwinds, the company announced Monday as it unveiled a 1.3 billion euro ($1.28 billion) third-quarter net loss.

  

• French prosecutors probe Philips respirator recall, France Info reports

  Philips began a major international recall of ventilators and sleep apnea machines.