Philips has reached a final agreement with the U.S. Justice Department (DOJ) and the FDA on a ventilator recall, nearly three years after acknowledging that an industrial foam used in its machines could degrade and release toxic substances into patients' masks. This settlement requires Philips to overhaul its manufacturing and quality control systems and to hire independent experts to vet these changes. Following the announcement of this pact, which also impacts device sales, Philips shares saw an increase.
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Philips will have to overhaul its manufacturing and quality control systems, plus hire independent experts to vet those changes, as the result of a long-awaited settlement. https://t.co/QSSjyWRHGd
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An agreement with the DOJ to establish new safeguards comes nearly 3 years after Philips acknowledged that an industrial foam fitted inside its machines could degrade and release toxic substances into patients' masks. https://t.co/fzjwW6FbA1