Philips reaches compliance agreement with FDA over ventilator recall
Written By : Kajal Rajput
Medically Reviewed By : Dr. Kamal Kant Kohli
Published On 2024-01-30 07:15 GMT | Update On 2024-03-27 08:56 GMT
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Amsterdam: Dutch health technology company Philips said on Monday it had reached an agreement on the terms of a settlement with the U.S. Food and Drug Administration (FDA) over a large-scale recall of ventilators.
Philips said the costs of the so-called consent decree with the FDA led to a provision of 363 million euros ($393.5 million) in the fourth quarter of last year, and were expected to be about 1 per cent of total revenues in 2024.
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