Unfortunately the I/O device error may indicate a serious problem with the pendrive. I would recommend you to test the device on another PC. Does the problem exist? If the same error appears, you may need to change the pendrive. Sadly, these kinds of issues are not repairable.
If the drive is working fine on another PC, you may need to open Device Manager and uninstall the USB hubs. Restart the PC and reconnect the pendrive. Any change?
Hope this helps