Shares of Dutch health tech company Philips fell on Friday after the U.S. drug regulator deemed its handling of a major product recall inadequate.
The U.S. Food and Drug Administration said overnight that it does not believe that"the testing and analysis Philips has shared to date are adequate to fully evaluate the risks posed to users from the recalled devices."
In response to the FDA, Philips said in a statement that its"first priority is the health and well-being of patients."tumbled to the bottom of the European benchmark on Friday, after the U.S. drug regulator deemed its handling of a major product recall inadequate.
The FDA said it finds additional testing is necessary and noted Philips greed to carry out this request. In response to the FDA, Philips said in a statement that its"first priority is the health and well-being of patients, both in terms of providing replacement devices and testing to seek more clarity on the safety of the sleep and respiratory care devices under the recall."The company added that it shares the same objective as the FDA and other regulators"to ensure the highest standards of patient safety and quality in the delivery of healthcare.
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Philips shares dive as FDA calls for more testing on recalled devicesSteven Goldstein is based in London and responsible for MarketWatch's coverage of financial markets in Europe, with a particular focus on global macro and commodities. Previously, he was Washington bureau chief, directing MarketWatch's economic, political and regulatory coverage. Follow Steve on Twitter: MKTWgoldstein.
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