Johnson & Johnson is pulling baby powder containing talc powder worldwide next year in light of thousands of lawsuits claiming it caused cancer.
Talc powder will be replaced by cornstarch, a Johnson & Johnson spokesperson announced.
According to the lawsuit filings, the company’s talc powder caused users to develop ovarian cancer or mesothelioma, a tumor that attacks the lungs and other organs. Many lawsuits alleged talc asbestos cause the cancer.
However, according to J&J, as well as the overwhelming majority of medical research, talc baby powder is safe and doesn’t cause cancer.
In 2020, J&J removed its talc powder in most of North America due to decreasing demand.
Bankruptcy fund for J&J talc powder
An official spokeswoman for the company said that demand dropped due to misleading Johnson and Johnson lawsuit advertising about talc’s safety, which caused global confusion.
As a result of the change announced late Thursday, J&J says its product selection will become more convenient and meet evolving global trends.
J&J announced last October that a subsidiary it created to manage talc powder litigation claims had filed for Chapter 11 bankruptcy.
During the bankruptcy process, J&J established a $2 billion trust to pay claims incurred by its subsidiary, LTL Management.
Moreover, the health care giant announced last fall that it will separate its consumer health division – which sells Band-Aids, baby powder, and other products – from its medical division. Prescription drugs and medical devices will continue to be sold by the company under the J&J name.
Friday, Johnson & Johnson shares climbed slightly before the opening bell. For most of the year, Johnson and Johnson stock has done better than the Dow Jones Industrial Average.
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