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Johnson & Johnson Dumping Gorsky's Cordis Stolen Stent Laden with FDA Warnings, Recalls and Lawsuits
Here we go again - another Gorsky project with false and misleading marketing that downplays risks. Gee, imagine that :o)
Date Created: September 10, 2014
Keywords: alex, gorsky, cordis, stent, lawsuit, violation, JNJ, Johnson & Johnson
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While Johnson & Johnson shareholders would like to believe the promotional media twist given by Johnson & Johnson regarding the sale of Cordis, some of us know the actual truth regarding this transaction.
It is reported by Reuters that in 2011, Johnson & Johnson Cordis was found guilty of stealing the patent for 'their' Cypher medicated stent. Johnson & Johnson Cordis was found guilty of patent infringement by a group of people with NO vested interest - a jury. I'm pretty certain that most of the members of the jury did not own Johnson & Johnson stock, have a mutual fund or stock-based retirement account and it's quite likely some didn't even have a job. However, on appeal in 2013, Johnson & Johnson was found not guilty of patent infringement by a trial of judges - whose fat mutual funds and fat retirement accounts likely depend on such a high value stock.
Johnson & Johnson did decide to quit manufacturing the stolen stent as ordered by the judge in the original verdict. But that's okay, since Abbott Laboratories Xience is a superior product anyway. As we all know by now, Johnson & Johnson products suck when compared to the competition ;o)
After doing a quick search on the USFDA web site for "Cordis recall" I found that there are a number of recalls regarding products manufactured by Cordis. On the one hand, seeing all the recalls, especially internal recalls, to remove devices with known issues is a good thing - showing that the system does work to get these products off the shelves. On the other hand, recalls for lack of quality control is NOT a good thing. Those products should never have made it out the door. This is yet another fine example of a Johnson & Johnson company not performing necessary quality control.
Now for the lawsuit part of this piece, it seems that, yet again, marketing material and sales representation to doctors downplayed the risks of Cypher stents while overstating safety and effectiveness. Lawsuits are starting to stack up for failing to warn doctors and patients of the dramatically increased risk of developing blood clots with the use of a Cypher stent.
When Johnson & Johnson sells Cordis - who will foot the bill for the massive number of lawsuits coming in from yet another Alex Gorsky project? Oh, you didn't know this fiasco was just one more in a looooonnnngggg list of Johnson & Johnson products that were projects of Alex Gorsky that was based on false and misleading marketing material, corruption, fraud and even patent infringement this time, and caused injuries to hundreds, if not thousands, of unsuspecting, trusting doctors and patients.
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1. Reporting by Diane Bartz and Bill Berkrot; Editing by Gerald E. McCormick and Andre Grenon (2013, April 4). Court reverses $482 million stent case against Cordis. Reuters. Retrieved from http://www.reuters.com/article/2013/04/04/us-jnj-saffran-patent-idUSBRE93314420130404
2. USFDA (current). USFDA Search Results: Cordis recall. United States Food and Drug Administration. Retrieved from http://google2.fda.gov/search?q=cordis%20recall&client=FDAgov&proxystylesheet=FDAgov&output=xml_no_dtd&site=FDAgov&requiredfields=-archive:Yes&sort=date:D:L:d1&filter=1
3. Saiontz & Kirk (currently available information). Cypher Stent Blook Clot Risk Johnson & Johnson Cordis Stent Lawsuits. Saiontz & Kirk, P.A.. Retrieved from http://www.youhavealawyer.com/stent/cypher/
4. Johnson & Johnson Investor Relations (2010, December 15). Johnson & Johnson Announces Executive Appointments: Alex Gorsky, Vice Chairman, Executive Committee Sheri McCoy, Vice Chairman, Executive Committee. Johnson & Johnson Investor Relations. Retrieved from http://www.investor.jnj.com/releasedetail.cfm?ReleaseID=537098
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