61.95 F
New York
September 18, 2019
Home » Blog » Purdue Pharma reportedly reaches tentative deal to settle opioid cases
CNBC Business

Purdue Pharma reportedly reaches tentative deal to settle opioid cases

Purdue Pharma reportedly reaches tentative deal to settle opioid cases
Spread the Love!!

Purdue Pharma headquarters stands in downtown Stamford, April 2, 2019 in Stamford, Connecticut.

Drew Angerer | Getty Images

OxyContin maker Purdue Pharma has reportedly reached a tentative agreement to settle some 2,000 opioid lawsuits filed by local governments, Native American tribes and states set to go to trial next month.

The company is expected to file bankruptcy imminently as part of the plan, according to the New York Times.

The Stamford, Connecticut-based company has been accused by nearly every U.S. state of downplaying how dangerously addictive its blockbuster pain killer is while exaggerating its benefits. Prosecutors say the company’s marketing practices encouraged doctors to push higher doses of the narcotic and contributed to a public health crisis that claims an average of 130 lives a day.

Purdue, its owners, the Sackler family, and a group of state attorneys general have been negotiating for months to settle the lawsuits over the opioid crisis to avoid a trial, expected to begin in October. On Sept. 7, the Associated Press reported that Purdue was expected to file for bankruptcy after those talks hit an impasse. The next day, the company said it was still interested in continuing negotiations.

The attorneys representing Purdue have said accusations against the company are “not supported by facts and are fundamentally flawed,” adding its opioid painkiller represents less than 2% of the U.S. market. They also say new lawsuits rehash a lot of the same old allegations.

However, court filings against Purdue paint a different picture. Legal documents contend the company over the years repeatedly failed to alert authorities to reports its painkillers were being abused. The Sackler family also boasted about its sales, documents show. According to a court filing in Massachusetts, Richard Sackler, who was the company’s president from 1999 to 2003, said at an event that “the launch of OxyContin Tablets will be followed by a blizzard of prescriptions that will bury the competition. The prescription blizzard will be so deep, dense, and white.”

In March, Purdue and the Sacklers agreed to pay $270 million to Oklahoma to settle a lawsuit accusing the drugmaker of ruthlessly marketing and misleading the public about OxyContin. As a part of that agreement, Purdue agreed to contribute $102.5 million to fund the creation of a National Center for Addiction Studies at Oklahoma State University.

OxyContin is a prescription drug used to treat moderate-to-severe pain in adults. From 1999 to 2017, nearly 218,000 people died in the United States from overdoses related to prescription opioids, according to the U.S. Centers for Disease Control and Prevention. OxyContin first came on the market in 1996.

This is a developing story. Please check back for updates.

Source link

Related Articles

Consumers are America’s not so secret weapon to lift economy


Taiwan, Japanese companies moving home due to US tariffs


Brazil’s Bolsonaro faces backlash from world leaders


This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Click whichever is suitable. Accept Read More