There are plenty of adages about power corrupting. In the practical world, money does equate to power and, of course, corporations have a lot of money to throw around. One place where they’re not at an advantage, however, is product liability law. Product liability law is not designed to tip the scales in anyone’s favor. It’s simply designed to make certain that the scales are balanced.
Lexington Insurance, a major company, has recently expanded the coverage options it offers to include the costs of recalling products. In some circles, this will be cast as an example of how it’s difficult for businesses to operate because of costs like this. When you think about it, however, it makes it apparent that companies do know that they can be held responsible for their products, and there are few consumers who would say this is a bad thing.
As an example, GlaxoSmithKline is now facing a huge number of lawsuits over its drug Avandia. GSK is one of the richest corporations in the world but, when they put out a drug that endangers someone, they’re as vulnerable to being sued for it as is anyone else. Judging by Lexington Insurance’s actions, companies seem to be realizing that a free market is not the same thing as a consequence-free market. If you’ve been injured by any type of defective product, pharmaceutical or otherwise, seeking compensation through the courts is one of the options you may want to explore.