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Medical Product Companies With Female Directors Issue Recalls Faster
While nobody should ever have to worry about whether or not a medical product they use will cause them harm, it would be nice to know the company leaders will issue a recall as soon as they find out about a flaw in their product. Unfortunately, that is not always what happens. In many cases, companies delay recall decisions, which can lead to serious harm to consumers. At Colson Hicks Eidson, our award-winning product liability lawyers want to discuss a recent study that found that companies with female members on their board of directors make recall decisions faster than those without female directors.
What Does This Study Show Us?
We rely on medical product companies to help keep us healthy. Whether we are talking about device manufacturers that make hip replacements or internal defibrillators or pharmaceutical companies that make the medications that keep us alive, we are grateful for the work they do. However, if a company discovers a problem with their product, they should immediately remove it from the marketplace and take responsibility if they cause harm to consumers.
A new study published in the journal Manufacturing & Service Operations Management Finds that medical product companies make product recall decisions differently when there are women added to their board of directors.
The study, conducted by professors at four universities, is quite telling. They found that when there are life-threatening situations discovered with a medical product that could kill consumers, companies with female directors on their board’s issue recall much faster than those without female directors. Even in less severe instances of product defects in which there is not a life-threatening situation, recalls occurring more frequently when there are women on the company board of directors.
George Ball, Assistant Professor of Operations and Decision Technologies, Indiana University Kelley School of Business, says that “Our study shows that there is a difference in real and important safety outcomes for consumers, between firms that have women on their boards and those who do not.”
It should not matter whether or not the company has a board of directors made up primarily of women or men. Companies should be making decisions based on what will protect the consumer, not what will protect their bottom line when it comes to profits.
Let Us Help You With Your Case
If you or a loved one have been injured after using or consuming a medical product, speak to a skilled attorney as soon as possible. At Colson Hicks Eidson, we have received national recognition for our work helping clients secure compensation for their injuries. We want to investigate your case in order to secure the following on your behalf:
- Cost of your current and future medical bills
- Recovery of income lost if you are unable to work
- Mental anguish damages
- Loss of enjoyment of life damages
- Possible punitive damages against a company or manufacturer