It doesn’t matter how reputable a drug company is, eventually they may find themselves at the end of a drug recall. Drug recalls can affect both companies and patients. With that said, read on to learn more about the effects of a drug recall.
How Companies Can Be Affected
Drug recalls can have major financial implications on the manufacturer of the drug. In fact, if the recall is significant enough, then the company could face millions in fines and lawsuits or even billions. When a drug recall happens, the lawsuits and the financial effects on a company can be felt for years to come.
Don’t forget, drug companies have strict laws to follow and when a recall happens, then it can open up an investigation into the company’s business practices. Even if the company didn’t intentionally break the law, they may still be investigated. This can result in the company being forced to change its practices or even ingredients in their products.
Another way a drug company can be affected is that their reputation can suffer. If a drug company’s reputation becomes tainted, then patients might not want to buy anything with their name on it, which can impact the company’s profits. Often, it is difficult for a company to repair their reputation because as previously mentioned, the effects of a recall can be felt for many years. In extreme cases, a company might be forced to stop selling their drug or they may go out of business.
How Patients Can Be Affected
Patients can be affected in different ways, such as feeling anxious and stressed out over the recall. This is because if they have been taking the medicine for a significant amount of time, then they may be at a higher risk of experience health problems. Drugs are often recalled due to potential side effects that were not known at the time they were released on to the market. This means if a patient takes a drug for years before it is recalled, then they might find themselves feeling extremely stressed out because they will be worrying if they have been harmed by the drug.
Those are the potential effects of a drug recall. As you can see, companies and patients can be impacted in a big way by a drug recall. If you are a patient who took a drug that has been recalled, then consider your legal options, if you were injured.