How Lawmakers Want To Stop Cronobacter Outbreaks That Spurred Baby Formula Shortage Last Year
Portfolio Pulse from Vandana Singh
Congressional legislation is being proposed that would require baby formula manufacturers to notify the FDA within 24 hours about product contamination. This comes after an outbreak of cronobacter bacteria last year that resulted in severe baby formula shortages. The shortage was worsened by a recall after four babies got sick from cronobacter after drinking powder formula from an Abbott Laboratories plant. Abbott Laboratories' shares are up 0.50% at $103.27.
August 29, 2023 | 5:20 pm
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NEUTRAL IMPACT
Abbott Laboratories was indirectly involved in a baby formula contamination issue last year. The proposed legislation could potentially increase regulatory scrutiny on the company. However, the company's shares are currently up 0.50% at $103.27.
The proposed legislation is a response to a contamination issue that involved Abbott Laboratories. While the company was not directly linked to the illnesses, the increased regulatory scrutiny could potentially impact the company. However, the current rise in the company's shares suggests that the market is not overly concerned at this time.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 75