By Mark Buckingham, recall advisor
According to our latest European product recall index report, the overall number of recall events in Europe fell 8.8% in the third quarter, compared to Q2.
The pharmaceutical sector experienced the greatest decline, registering 25.0% fewer events. This was followed by medical device (at 10.2%), food and beverage (at 10.0%), and consumer products (at 5.1%). The only sector experiencing a quarter-on-quarter rise in recall events was automotive, which climbed 2.5%.
For these industries the impact of technological advancements and regulatory oversight is significant, with big changes on the horizon around product liability, cybersecurity and the regulation of online platforms.
What’s in store for 2023?
Industries continue to face a tough economic climate and will need to adapt and innovate in response to changing regulations reflecting new technology, new channels of commerce, and more stringent sustainability criteria.
The rapid development and implementation of Artificial Intelligence (AI) is evidence of this, with both the EU and UK advancing rules around the use of the technology. In addition, recent updates to the EU’s Product Liability Directive (PLD) mean that more stakeholders in the supply chain, including retailers and distributors, are now being held accountable and subject to losses. Meanwhile, there is an increasing focus on sustainability and corporate due diligence, evidenced by the European Commission’s (EC’s) adoption of its Sustainable Products Initiative.
In light of these developments it is more important than ever for businesses to take the necessary steps in response and ensure they are recall ready.
Download our recall index report for the latest product recall data and trends from the third quarter of 2022, along with insights, analysis and predictions from Sedgwick’s brand protection experts and our network of strategic partners.