Chicago, IL (PRWEB) March 18, 2013
In January, Stryker Corporation released its expectations to their investors on what the cost of the Stryker hip implant recall could cost the company.
Although Stryker raised the bottom end of their spectrum from original estimates, the company told investors that they expected that the recall would cost between $190 and $390 million to resolve. (See above)
In July 2012, Stryker recalled two hip implant devices that contain metal components. (See FDA website) The Rejuvenate Modular and ABG II modular-neck hip stems are part of the voluntary recall and Stryker posted the following on their website to warn patients of possible injuries that may occur from the implants. (see Stryker website)
According to Stryker's website (aboutstryker.com/modularneckstems): "This voluntary recall was initiated due to potential risks associated with modular-neck stems. These risks include the potential for fretting and/or corrosion at or about the modular-neck junction, which may result in adverse local tissue reaction, as well as possible pain and/or swelling, in or around your hip."
The company also suggested that all patients with implants follow up with their surgeons to have their implant analyzed. A third party company hired by Stryker, Broadspire Services Inc., is handling all medical claims for removal and out-of-pocket expenses by the patients.
Injuries Associated With Stryker Hip Implant Devices
According to hip defect attorney Jonathan Rosenfeld, "the problem with trying to estimate costs for the hip implant removal is that there is no way for Stryker to know the damage and injuries that patients may have from these metal implants. The cost is not just in the removal and replacement; there are possible long-term health risks form muscle and tissue damage, possible metal poisoning and other effects that may not be revealed for years to come."
"The metal poisoning alone can put patients at risk for cancer, renal failure, cardiovascular issues and many other health implications, even death. Consequently, some of the hip defect lawsuits may yield substantial awards for the pain and suffering that these patients have endured," Rosenfeld added
Both DePuy and Biomet, makers of similar metal hip implants, had already recalled products well before Stryker and are farther along in the lawsuit process. (See generally http://www.fda.gov/MedicalDevices/ProductsandMedicalProcedures/ImplantsandProsthetics/MetalonMetalHipImplants/ucm241770.htm) Already, it is estimated that Depuy is looking at over $2 billion in lawsuits for their recall. (See Reuters 1/18/13, "J&J negotiating possible $2 billion implant settlement: Bloomberg") Hip litigation attorney Rosenfeld stated "it seems very premature for the company to suggest that the Stryker hip lawsuits would be so much less at such an early stage.
"For patients with the Stryker recalled hip implants, the road ahead may be a long and painful journey. Many will need the services of a Stryker hip recall attorney to fight for their right to compensation, not only for the replacement surgery, but also the pain and suffering it caused and other possible health problems stemming from the implant," according to metal-on-metal hip implant lawyer, Rosenfeld.
According to Rosenfeld, "I have serious doubts that when all is said and done that the numbers that Stryker has released to its investors are even close to what the actual financial damage will be. It will be years before the true end costs will be known, to the patients, the company and the investors."
Rosenfeld Injury Lawyers is presently representing individuals in lawsuits against various metal hip implant manufacturers including DePuy and Stryker. For more information on their practice visit: http://www.rosenfeldinjurylawyers.com