As New Jersey and Philadelphia DePuy hip recall attorneys, we have been providing updated posts regarding the DePuy hip recall litigation, the nature of the hip defects which led to the litigation, and some helpful tips for any patients who may have a recall claim. These posts are designed to help any potential claimant understand the recall litigation and claims process.
DePuy and Johnson & Preparing for Something, But What?
Recent news demonstrates that not only are DePuy recall lawyers and patients planning for the litigation, but Johnson & Johnson and DePuy have also recognized the potential problem and have taken financial steps to prepare themselves. According to Johnson & Johnson’s fourth quarter earnings report released this past month, the company is taking a $922 million charge related to its potential exposure for the DePuy hip recall. While $922 million may sound like a large sum of money, it may be inadequate to cover the sum of 93,000 potential claimants that will require compensation from Johnson & Johnson.
DePuy hip recall patients should not worry about Johnson & Johnson’s overall financial health. According to the same fourth quarter earnings statement, Johnson & Johnson posted a net income of $1.9 billion in its orthopaedic unit and $5.71 billion in its pharmaceutical unit.
Neither Johnson & Johnson nor DePuy issued any official statement regarding the funds set aside, or their plans for the DePuy recall litigation. Therefore, it is unknown whether the $922 million has been set aside for payment of legitimate DePuy hip recall claims, or if it has been set aside so that Johnson & Johnson and DePuy can mount a high price defense in order to minimize exposure.
DePuy Hip Recall Lawyers in New Jersey and Philadelphia
As New Jersey and Philadelphia DePuy hip recall lawyers, we will be watching closely and posting any additional information about the DePuy hip recall. If you or a loved one are recipients of a defective DePuy hip implant, contact the Mininno Law Office for a free case evaluation, or call for a free consultation at (856) 833-0600 in New Jersey, or (215) 567-2380 in Philadelphia.
Fortunately, the medical future involving artificial joint replacement looks bright. Notwithstanding the failure of the DePuy hip implant, scientists, metallurgists, and researchers are constantly searching for better options for joint replacement patients. Unfortunately, companies like DePuy Orthopaedics and Johnson & Johnson have a financial incentive to be the first manufacturer to get their products on the market. As such, it must be questioned whether this profit motive causes manufacturers to put medical devices on the market before conducting long term studies about the product. In the case of DePuy, it appears that there were no long term studies regarding the wear and tear of the implant before the product was released into the market. Perhaps DePuy and Johnson & Johnson hoped that the chromium and cobalt metal parts in the hip implant would not pose a problem to potential patients.