The last thing that anybody should have to worry about is being harmed by a medical device or a prescription medication they take. However, if faulty products do make it into the hands of consumers, we should be able to count on companies to issue recalls as soon as they know there is a problem. That is not always what happens. At Licata & Yeremenko, A Professional Law Corporation, our California product liability lawyers want to discuss a new study that shows that medical product companies with female directors on their board tend to issue recalls faster than those with only men.
What Does This New Study Reveal About Company Recall Behavior?
When we think about the sheer number of medical products that keep our society healthy, it can be overwhelming. Medical innovation over the last hundred years has been truly amazing. We have medicines that control diabetes and those that let people with HIV live complete lives. We can place defibrillators inside a person’s body that can keep their heart pumping. Medical product companies save lives. However, these companies must also do the right thing when they discover a flaw in any of their products.
A new study conducted by four universities and published in the journal Manufacturing & Service Operations Management shows that companies with females on the board of directors make recall decisions about faulty products much faster than those with only males on the board of directors.
The study indicated that when there is a life-threatening situation with a defective product that may kill consumers, companies with female directors issue recalls much more quickly. The study showed that companies with females on the board issued product recalls in these situations nearly a full month before companies with an all-male board.
Even in less severe situations in which there is greater discretion whether or not to issue a recall, product issue recalls occurring more frequently when there are female directors on the board.
George Ball, an assistant professor at Indiana University Kelley School of Business, said that “Our study shows that there is a difference in real and important safety outcomes for consumers, between firms that have women on their boards and those who do not.”
At Licata & Yeremenko, A Professional Law Corporation, we hope that this study sheds light on product safety companies and that they responsibly make recall decisions that protect consumers – not decisions based solely on their profit margins.
Our Team is Ready to Help
If you or somebody you love has been injured due to a defective medical product, including prescription medication, contact an attorney immediately. At Licata & Yeremenko, A Professional Law Corporation, our qualified and experienced team is ready to investigate your case and work to secure the compensation you are entitled to. This could include:
- Coverage of medical expenses related to the faulty product
- Recovery of lost wages and benefits if you are unable to work
- Pain and suffering damages
- Loss of enjoyment of life damages
- Punitive damages against the product company or manufacturer