Aug 15, 2022
Johnson & Johnson is an American multinational corporation founded in 1886 that develops medical devices, pharmaceuticals, and consumer packaged goods. Its common stock is a component of the Dow Jones Industrial Average and the company is ranked No. 36 on the 2021 Fortune 500 list of the largest United States corporations by total revenue. Johnson & Johnson is one of the world's most valuable companies, and is one of only two U.S.-based companies that has a prime credit rating of AAA, higher than that of the United States government. (Source: Wikipedia)
Source : Reuters
Johnson & Johnson (J&J) will stop making and selling its talc-based baby powder around the world from next year.
J&J faces tens of thousands of lawsuits from women who allege its talcum powder contained asbestos and caused them to develop ovarian cancer.
But the company reiterated its view that decades of independent research shows the product is safe to use.
As part of a worldwide portfolio assessment, company has made the commercial decision to transition to an all cornstarch-based baby powder portfolio.
The firm added that cornstarch-based baby powder is already sold in countries around the world.
At the same time J&J reiterated its position that its baby powder is safe to use: "Their position on the safety of their cosmetic talc remains unchanged."
Company stands firmly behind the decades of independent scientific analysis by medical experts around the world that confirms talc-based Johnson's baby powder is safe, does not contain asbestos, and does not cause cancer.
The company faces lawsuits from consumers and their survivors who claim J&J's talc products caused cancer due to contamination with asbestos.
Talc is mined from the earth and is found in seams close to that of asbestos, which is a material known to cause cancer.
A 2018 investigation by the Reuters news agency claimed that J&J knew for decades that asbestos was present in its talc products.
According to Reuters, internal company records, trial testimony and other evidence showed that from at least 1971 to the early 2000s, J&J's raw talc and finished powders sometimes tested positive for small amounts of asbestos.
In response to evidence of asbestos contamination presented in court rooms, media reports and to US lawmakers, the firm has repeatedly denied the allegations.
Before the bankruptcy filing, the company faced costs from $3.5bn (£2.87bn) in verdicts and settlements, including one in which 22 women were awarded a judgement of more than $2bn.
In April, a shareholder proposal calling for an end to global sales of the talc baby powder failed.
Johnson's Baby Powder has been been sold for almost 130 years and became a symbol of the company's family-friendly image.
Baby powder is used for preventing nappy rash and for cosmetic uses, including as a dry shampoo.
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