I don’t have experience with dealing with a launched product that failed, but the most recent example of a product having to be pulled from the market are the Samsung Note 7s. This massive recall was due to the fact that when the batteries were charging they would overheat, explode and catch fire. The initiative Samsung put out on recalling these phones was Note 7 Refund and Exchange Program, where those who have a Galaxy Note 7 device can exchange their phone for another Samsung smartphone, or receive a refund. In terms of Medical Devices that had to be recalled, the FDA has a list of devices and creates a published notice of the reason the device was pulled from the market. For example, the Greatbatch Medical’s Standard Offset Cup Impactor used for hip joint replacement was recalled due to inadequate sterilization. It was identified as a Class I recall, which is the most serious type of recall because the use of this device may cause serious injuries, infections, or even death.

https://www.fda.gov/MedicalDevices/Safety/ListofRecalls/ucm480134.htm