Calculating the Cost of a Recall

Posted by Digital Manager on Wed, Jun 18, 2014 @ 09:36 AM

As of June 18, the FDA will be increasing fines for regulatory noncompliance. The 2014 update will be the first since 2008, and will be based on inflation rates as determined by the Consumer Price Index (CPI). Adjustments may not exceed 10% of the total penalty and will range from $200 to $11 million depending on the offense.

FDA monetary penalties are just one cost that companies must factor in when calculating the total cost of a product recall.

Recall management costs vary depending on factors such as scale, scope, and type of recall. Unexpected expenses can quickly add up. For starters, companies need to understand the factors that drive total
product recall costs. They include:

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Topics: Recall Risk Management, Product Recall Process, ExpertRecall, recall news, cost of a recall

5 Common Mistakes Businesses Make During a Recall

Posted by Digital Manager on Wed, Feb 26, 2014 @ 10:39 AM

A product recall can have many negative impacts on a business. With the brand’s reputation already on the line due to the public nature of recalls, it’s important to make sure no additional errors are made which could exacerbate the situation.


Here are five common mistakes businesses make during a recall:
1) Losing Focus on Business Operations

When a company tasks existing employees to execute a product recall, they become less productive in their normal duties. That’s because a recall crisis demands a great deal of attention on top of their normal workload. That distraction during a recall could prolong recovery due to lost opportunity and revenue. By relying on internal resources to handle a recall, companies not only lose revenues associated with the recalled product, but also from other business lines that suffer from a lack of attention. 

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Topics: Stericycle, Recall Readiness, Recall Risk Management, Product Recall Process, ExpertRecall

Product Managers: How to Deep-Six a Medical Device or Pharmaceutical

Posted by Digital Manager on Mon, Nov 12, 2012 @ 01:53 PM

Like most product managers or directors, you want your pharmaceutical brands and/or medical devices to thrive — perhaps even be market blockbusters. You devote hours to your strategy, forecasting, marketing, distribution, and other key functions that map your product’s success.

Still, there are 6 ways you may be threatening to deep-six your product’s existence without even realizing it.

1. Taking a wait-and-see approach toward the product recall process.

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Topics: Recall Readiness, Product Manager, Medical Device, Pharmaceutical Product Manager, Brand Manager, Recall Risk Management, Product Recall Process, Drug Recall Management, Medical Device Product Manager, Medical Device Brand Management, Pharmaceutical Brand Management, Medical Device Management, Stericycle

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