Heparin, made Baxter International (NYSE: BAX) is one of the most widely used blood thinners in the world.
Today’s disclosure that the U.S. Food and Drug Administration said it never inspected a Chinese facility that made the active ingredient of heparin. That makes Baxter the medical equivalent of Mattel (NYSE: MAT). Wall St. really has to ask why a company as large as Baxter cares so little about its reputation, the safety of millions of patients, and the value of it shares. By the same token, it has done trial lawyers a significant service.
According to The Wall Street Journal "on Monday, Baxter announced that it had temporarily suspended production of heparin because of about 350 reactions potentially tied to the drug, including four deaths, primarily in patients undergoing kidney dialysis and heart surgery." In recent years the drug has gained ground for the prevention of blood clots for patients who are a bed rest.
Baxter made a decision to use a facility in China instead of the US even though the big Asian country has a reputation for exporting unsafe and unregulated products.It is only fair to ask why the firm would exercise such poor judgment given the manner in which the drug is used.
It will be nice to see the Baxter management before Congressional committees in the coming weeks. Baxter staff will also be out in force at the annual tort lawyers convention in Las Vegas.
Douglas A. McIntyre
Douglas A. McIntyre
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