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Product recalls are a common and costly occurrence.
A quick scan of www.recalls.gov, the website set up by six federal agencies charged with recall responsibilities, shows just how pervasive product recalls have become among the world's best known brands. In July 2011 alone, NHTSA lists 43 recalls from companies, including Polaris, Chrysler, Ford, Honda, Kawasaki and Mack Trucks.
Recalls have become so common that Stericycle ExpertRecall, an Indianapolis-based company that helps firms manage product recalls, started an index recently to track aggregate recall activity and trends in five product categories: medical devices, pharmaceuticals, food, consumer products and children's products. Among the aggregate totals noted by ExpertRecall was that the pharmaceutical industry recalled 35 million units in the second quarter of 2011 and there were 587 incidents connected with children's and infant's products.
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