STSSW - Sharps Technology Positioned to Address Supply Chain Disruptions Resulting from Recent FDA Recalls Warnings and Tariffs on Chinese Manufactured Syringes | Benzinga
Sharps CEO issues letter to shareholders on FDA actions and tariffs affecting Chinese syringes.
The FDA began raising quality concerns over Chinese-manufactured syringes in November 2023, resulting in multiple recalls and warnings for these products during the first quarter of 2024, and has advised that healthcare facilities should use plastic syringes produced elsewhere.
The tariff rate on Chinese-made syringes and needles was raised from 0% to 50% by the Biden Administration in May 2024.
NEW YORK, May 28, 2024 (GLOBE NEWSWIRE) -- Sharps Technology, Inc., (NASDAQ: "STSS" and "STSSW"), an innovative medical device and pharmaceutical packaging company offering patented, best-in-class syringe products, issues a shareholder update from Robert Hayes, the Company's Chief Executive Officer.
Dear Fellow Shareholders:
With significant recent developments transforming the syringe market, I want to make it clear that Sharps Technology is extremely well-positioned to help U.S. healthcare customers overcome supply chain disruptions caused by the Biden Administration's recent announcement to increase tariffs on Chinese-made syringes and needles from 0% to 50% and the FDA's quality and import concerns related to Chinese manufactured syringes.
In response to these developments, Sharps Technology is experiencing heightened interest in our syringe products, and we are actively pursuing these opportunities within the healthcare market.
Our innovative products, such as the SecureGard and SoloGard syringe lines, are designed to address the specific safety and performance concerns highlighted by the FDA. Our in-demand syringes feature low waste and ultra-low waste technologies, active safety mechanisms, and WHO-accredited re-use prevention measures, protecting both healthcare workers and patients from the risks associated with needle stick injuries and syringe re-use.
We manufacture our syringes at a state-of-the-art facility in Hungary, which is FDA and ISO registered, CE-Mark and WHO accredited, and has a long-standing reputation for producing high-quality medical devices for the global ...