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Johnson & Johnson : J&J to work with India on compensation for recalled hip implants

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09/07/2018 | 12:30pm CEST
Security guards stand outside the office of Johnson & Johnson in Mumbai

MUMBAI (Reuters) - Johnson & Johnson (J&J) said it would work with the Indian government to compensate patients who had suffered from hip implants that were recalled by the U.S. healthcare firm eight years ago after data showed high failure rates.

This follows last week's recommendation from a government panel that J&J pay at least 2 million rupees ($27,812) to each patient for the faulty ASR hip implant. The federal government has asked states to help patients get relief soon.

About 93,000 people worldwide received ASR implants which were recalled in 2010. The Indian panel said in its report that about 4,700 of those people were in India.

Given the recent committee report, "we are seeking to work with the Indian government to develop an appropriate process for providing further support and compensation for patients in need", a J&J spokeswoman said in a statement to Reuters, adding the firm was committed to support all ASR patients in India.

Sushobhan Dasgupta, a senior J&J executive in India, has, however, told Indian newspaper Mint that the company "will not pay people who had an ASR implant if they are doing well".

The company is not okay with the methodology used by the Indian panel, Dasgupta told the paper in an interview https://www.livemint.com/Companies/d5JxJ6YLFqLsUu8sRtf2fO/Not-all-hip-implants-faulty-everyone-wont-be-compensated.html published on Friday. The report has "factual inaccuracies" and "the conclusions could also be inaccurate", he added.

In 2013, J&J agreed to pay http://reut.rs/I20AZB nearly $2.5 billion to settle thousands of lawsuits from patients in the United States who said they were injured by the implants.

In India, the company paid $2 million to patients for repeat surgeries and about $250,000 in related diagnostic costs under its ASR reimbursement programme, but the government panel has criticised J&J for offering no compensation.

Metal hip implant systems such as ASR were designed to be more durable than a traditional metal-on-plastic, ball-and-socket design. But many Indian patients suffered adverse reactions to the implant, the panel said.

J&J entered the Indian market in 1947 when it started selling its now-ubiquitous baby powder. It has in recent years faced issues such as price caps on medical devices.

(Reporting by Aditya Kalra, Writing by Krishna N. Das; Editing by Darren Schuettler and Himani Sarkar)

By Aditya Kalra

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Financials ($)
Sales 2018 81 257 M
EBIT 2018 24 952 M
Net income 2018 16 036 M
Debt 2018 11 280 M
Yield 2018 2,58%
P/E ratio 2018 20,47
P/E ratio 2019 17,70
EV / Sales 2018 4,72x
EV / Sales 2019 4,48x
Capitalization 372 B
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Average target price 144 $
Spread / Average Target 3,5%
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Alex Gorsky Chairman & Chief Executive Officer
Joseph J. Wolk Chief Financial Officer & Executive Vice President
Charles O. Prince Independent Director
William David Perez Independent Director
Anne M. Mulcahy Lead Independent Director
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