Medical device and diagnostic industry blog Medtech has listed Stryker Corporation as one of its “Losers of 2014.” The site cited poor business practices and two big lawsuit settlements as reasons for the dubious title.
Stryker settled thousands of defective metal hip replacement lawsuits for an estimated $1.43 billion, though the final cost could be higher. The company also paid $80 million to settle a U.S. Department of Justice lawsuit alleging that a subsidiary of the company sold surgical devices despite the device not being cleared by the U.S. Food and Drug Administration.
Stryker issued a hip replacement recall in 2012 for its Rejuvenate and ABG II metal-on-metal hip replacements. Thousands of patients have alleged that the hip implants caused serious injuries, including tissue damage, premature loosening of the hip joint and toxic levels of carcinogenic metals in the bloodstream, or “metallosis.”