Pfizer Issues Voluntary Recall
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Pfizer is a long standing pharmaceutical company founded in 1849 by Charles Erhart and Charles Pfizer. Since the company’s inception, it has grown to become a major player in the pharmaceutical world making advances in research and development of drugs.
On Tuesday, January 31, 2012, Pfizer, Inc. (NYSE: PFE) issued a voluntary recall on roughly one million packs of the contraceptive pills Lo/Ovral®-28 and Norgestrel and Ethinyl Estradiol Tablets. The recall comes because of a mistake in the pill sequencing that is required for the birth control pills to maintain their optimum effectiveness.
Pfizer states in a press release that although their internal investigation reveals that an actual 30 packs of birth control pills were sequenced improperly but have opted to recall all 28 lots of the contraceptive in order to ensure quality standards. The company is advising those taking Lo/Ovral or Norgestrel to begin using non-hormonal contraceptives immediately and to continue doing so until a doctor advises otherwise. Pfizer is also advising users to notify their doctors should they suspect they are in possession of a faulty batch.
This recall was issued the same day that Pfizer issued their fourth quarter reports showing a slight 4% decrease in revenues from the prior year. Added with the fact that this recall is the biggest birth control recall seen in years investors may see a dent in profits for the new quarter.
The other potential hazard resulting from the recall that can damage the company’s future earning is the ever prominent possibility of lawsuits resulting from failed contraceptives. While the chances of this happening are slim it is something that Pfizer’s legal department is well aware of along with attorney that specialize in the medically relate lawsuits. Regardless of whether a claim can be proven, the claim can open the floodgates for others inflicting the company with legal expenses further biting into profits.
Pfizer has apologized publicly for the error and has put forth good effort in making sure that people are informed of the implications and remedies for this recall.
Further Information:
Correctly Packaged LoOrval Blister Pack Image
Correctly Packaged Norgestrel Image
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