Magical Trade
Monday, June 27, 2022
  • Home
  • Trade News
  • Email Whitelisting
  • Privacy Policy
No Result
View All Result
  • Home
  • Trade News
  • Email Whitelisting
  • Privacy Policy
No Result
View All Result
Magical Trade
No Result
View All Result
Home Trade News

Abbott reaches agreement with FDA to reopen baby formula plant to ease nationwide shortage

by
May 16, 2022
in Trade News
0
0
SHARES
2
VIEWS
Share on FacebookShare on Twitter

RELATED POSTS

Stock futures fall following a major comeback week for stocks

Monday: Durable Goods, Pending Home Sales, Dallas Fed Mfg

In this article

ABT

A woman shops for baby formula at Target in Annapolis, Maryland, on May 16, 2022, as a nationwide shortage of baby formula continues due to supply chain crunches tied to the coronavirus pandemic that have already strained the countrys formula stock, an issue that was further exacerbated by a major product recall in February.
Jim Watson | AFP | Getty Images

Abbott has reached an agreement with the Food and Drug Administration to reopen its manufacturing plant in Michigan to help ease a nationwide shortage of baby formula, the company announced Monday.

Abbott said it can restart Sturgis, Michigan, plant within two weeks subject to a court approval. However, it would take six to eight weeks from the start of production for formula to arrive on store shelves, according to the company.

The agreement between Abbott and the FDA, called a consent decree, is subject to approval by the U.S. District Court for the Western District of Michigan.

“This is a major step toward reopening our Sturgis facility so we can ease the nationwide formula shortage,” Abbott CEO Robert Ford said. “We look forward to working with the FDA to quickly and safely reopen the facility.”

Mothers are struggling to find formula for their infants with shelves empty in many stores across the U.S. More than 40% of baby formula was out of stock in the U.S. during the week ended May 8, according to Datasembly, a retail data tracker.

The Biden administration is also taking steps to import baby formula from other countries, White House press secretary Karine Jean-Pierre told reporters Monday. The nation produces 98% of the baby formula that U.S. consumers buy. The FDA will allow foreign companies to apply to supply baby formula to the U.S. market with approval subject to the drug regulator’s safety standards.

“We have alerted embassies, retailers and manufacturers to identify potential companies that would make use of the new FDA importation process,” Jean-Pierre said.

The supply shortage was triggered in part by the closure of Abbott Nutrition’s manufacturing plant in Michigan after four infants who consumed formula from the facility fell ill from bacterial infections, two of whom subsequently died. Abbott is the largest infant formula manufacturer in the U.S.

Inspections by the FDA found the presence of Cronobacter sakazakii, a bacteria that can cause blood infection, at the Sturgis factory. Abbott internal records also showed that the company destroyed some of its product due to the presence of the bacteria at the plant, according to the FDA.

Under the consent decree to reopen the plant, Abbott will have to retain outside expert assistance to bring the facility into compliance with federal regulations, according to the Justice Department. The outside experts will design plans for Abbott to reduce the risk of bacterial contamination at the plant and conduct periodic evaluations to make sure the company is in compliance. The process will be done under FDA supervision.

In February, Abbott issued a voluntary recall of its Similac PM 60/40, Similac, Alimentum and EleCare products made at the Michigan plant. Abbott said last week that no formula distributed to consumers from the Sturgis plant tested positive for the bacteria, and genetic sequencing of two samples from the sick infants did not match the Cronobacter strains found in the plant.

The FDA concluded its inspection in March. The Centers for Disease Control and Prevention has found no additional cases of infants infected with Cronobacter after consuming products from the Michigan facility.

CNBC Health & Science

Read CNBC’s latest global coverage of the Covid pandemic:

Doctors say these pandemic side effects are serious problems–and unlikely ‘to go away anytime soon’U.S. gun homicides reached highest level in 25 years during Covid pandemic, CDC saysLong Covid is ‘continuing to increase,’ experts say. Here’s how to know if you have it U.S. will limit next-generation Covid vaccines to high-risk people this fall if Congress doesn’t approve more funding

ShareTweetPin

Related Posts

Stock futures fall following a major comeback week for stocks

by
June 26, 2022
0

Traders on the floor of the NYSE, June 15, 2022. Source: NYSE U.S. stock futures were little changed on Sunday...

Monday: Durable Goods, Pending Home Sales, Dallas Fed Mfg

by
June 26, 2022
0

by Calculated Risk on 6/26/2022 06:56:00 PM Weekend: o Schedule for Week of June 26, 2022 Monday: o At 8:30...

‘A cold dark place’ — Michael Burry thinks the market has plenty of room to plunge. But he finally sees value in these 4 stocks

by
June 26, 2022
0

Motley Fool The FDA Could Soon Crown This E-Cig Maker King The Food and Drug Administration (FDA) is trying to...

Metals Haven’t Crashed This Hard Since the Great Recession

by
June 26, 2022
0

Motley Fool 3 Top Nasdaq Stocks That Are Set to Triple The current market sell-off has been brutal to wide...

Robert Kiyosaki says that hot inflation will ‘wipe out 50% of the US population’ — here’s what he means by that and how to protect yourself

by
June 26, 2022
0

The New York Times The Quest to Beat High Gas Prices "I SOLD MY GIRLFRIENDS CAR CAUSE GAS PRICES ARE...

Next Post

US Mortgage Rates Rise for the Ninth Time in Ten Weeks

Some factories might leave China, but in the grand scheme of things it doesn't matter much

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

email

Get the daily email about stock.

Please Enter Your Email Address:



By opting in you agree to our Privacy Policy. You also agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

MOST VIEWED

  • Forget Tesla — this auto stock is the one to buy right now, analyst says

    0 shares
    Share 0 Tweet 0
  • Fund manager believes FAANG is dead — says now it’s all about MANTA

    0 shares
    Share 0 Tweet 0
  • Bank of America names its top global tech stocks — including one it says has upside of 100%

    0 shares
    Share 0 Tweet 0
  • ‘Conviction sell’: UBS says avoid these global stocks amid rising headwinds

    0 shares
    Share 0 Tweet 0
  • These are the global stocks to own if stagflation hits, according to Credit Suisse

    0 shares
    Share 0 Tweet 0
  • Home
  • Trade News
  • Email Whitelisting
  • Privacy Policy
All rights reserved by www.magicaltrade.net
No Result
View All Result
  • Email Whitelisting
  • Home
  • Privacy Policy

All rights reserved by www.magicaltrade.net