Medtronic Stocks Drop as Company Recalls Faulty Tracheostomy Tubes
Published By : 26 Jun 2015 | Published By : QYRESEARCH
Ireland-based medical equipment company Medtronic plc announced that it has been globally recalling certain batches of its pediatric and neonatal Shiley tracheostomy tubes that were manufactured by Covidien, Medtronic’s recently acquired Irish counterpart. The global recall comprises specific batches from eight product lines of the tracheostomy tubes that were manufactured post November 29, 2012.
The renowned medical technology giant has long-earned its reputation and this recall comes as a huge blow to Medtronic. After the release of this news, there was no surprise that a 1.7 per cent drop was seen in the stock price of the company.
A tracheostomy procedure is recommended for those patients who have trouble in breathing either due to some secretion or obstruction in their airway. During a tracheostomy procedure, a tracheostomy tube is inserted into the trachea of the patient to allow improved breathing.
The Shiley tracheostomy tube by Medtronic is no different than a standard tracheostomy tube. However, the Shiley tracheostomy tubes that were manufactured post November 29, 2012, presented a bend of a broader angle compared to the standard models. This caused patients a certain level of discomfort, which eventually led to the recall of the medical device.
According to the management, the recall program was initiated by Medtronic on May 8 this year after it received complaints from a handful of customers who faced certain degrees of difficulty while breathing with the help of the Shiley tubes. Unfortunately, 12 of these patients allegedly suffered from severe health problems including impacted levels of oxygen.
However, the management is relieved to know that these patients have largely benefited from Shiley tracheostomy tubes that were manufactured before November 29, 2012.
Medtronic, at the moment, is doing everything to resolve this issue as quickly as possible, mainly so that the trust of its loyal customers can be restored.