Quantcast
Connect with us

Purdue files for bankruptcy in bid to settle opioid crisis cases

Published

on

Purdue Pharma has filed for bankruptcy in a settlement agreement that it hopes will provide more than $10 billion to address the opioid crisis, the company said in a statement on Sunday.

The pharmaceutical giant whose prescription painkiller OxyContin is blamed for much of the US opioid addiction epidemic, is facing thousands of state and federal lawsuits.

The settlement, which is subject to court approval, will contribute Purdue’s entire value to a body established for the benefit of the claimants and the American people.

ADVERTISEMENT

Purdue Chairman Steve Miller said the proposals will “provide billions of dollars and critical resources to communities across the country trying to cope with the opioid crisis.”

The company said that it had filed for reorganization under Chapter 11 of the US Bankruptcy Code and that the board of a new company would be selected by claimants and approved by the Bankruptcy Court.

Miller said the restructuring will avoid “wasting hundreds of millions of dollars and years on protracted litigation.”

– Sinking into addiction –

ADVERTISEMENT

The cases against Purdue seek to address the costs of millions of Americans sinking into addiction after using potent opioid painkillers that doctors freely, and often criminally, prescribed over the past two decades.

Well over 400,000 people died of opioid overdoses in that period, while the pharmaceutical companies involved raked in billions of dollars in profits.

And while the flood of prescription opioids into the black market has now been curtailed, addicts are turning to heroin and highly potent fentanyl, where the risk of overdose and death is even higher.

ADVERTISEMENT

In 2017, 47,000 people died in the United States as a result of overdosing on opioids including prescription drugs, heroin and fentanyl, according to the Centers for Disease Control.

As part of the settlement, Purdue says it will potentially provide communities with millions of addiction treatment drugs, at no or low cost, to help tackle the crisis.

“Purdue has received FDA fast-track designation for nalmefene hydrochloride, a much-needed treatment that has the potential to reverse overdoses from powerful synthetic opioids such as fentanyl,” the company said in its statement.

ADVERTISEMENT

The development of a nasal naloxone product, that can be sold over-the-counter, is another addiction reversal medication that the newly restructured company could continue to support.

As well as giving up control of Purdue, the settlement will also see the wealthy Sackler family personally contribute $3 billion, with the potential for further monetary contributions.

Forbes estimates the wealth of the Sackler family at $13 billion, but their international reputation has taken a hit in recent months after demonstrations against their role in the opioid crisis.

ADVERTISEMENT

New York’s Guggenheim Museum, the Metropolitan Museum of Art,and London’s Tate Modern have said they would stop accepting donations from the family, and the Louvre Museum in Paris recently removed the Sackler name from its Sackler Wing of Oriental Antiquities.


Report typos and corrections to: [email protected].
READ COMMENTS - JOIN THE DISCUSSION
Continue Reading

Breaking Banner

‘Worse than Obama’: Lindsey Graham has full-blown freak out over Trump’s latest Syria statements

Published

on

Sen. Lindsey Graham (R-SC) on Wednesday had a full-blown freak out after President Donald Trump publicly said that the Turkish slaughter of the Kurds in northern Syria was not America's problem.

Writing on Twitter, the senator had his harshest condemnation yet of the president's decision to abruptly pull American troops out of Syria while giving Turkey a green light to invade the area.

"I hope President Trump is right in his belief that Turkeys invasion of Syria is of no concern to us, abandoning the Kurds won’t come back to haunt us, ISIS won’t reemerge, and Iran will not fill the vacuum created by this decision," Graham wrote. "However, I firmly believe that if President Trump continues to make such statements this will be a disaster worse than President Obama’s decision to leave Iraq."

Continue Reading

Breaking Banner

Ex-GOP lawmaker will run for Senate in Kansas — as a Democrat

Published

on

A Kansas state lawmaker who left the Republican Party last year will run next year for the U.S. Senate -- as a Democrat.

State Sen. Barbara Bollier (D-Mission Hills) will run for the seat held since 1997 by the retiring Sen. Pat Roberts (R-KS), reported the Associated Press.

Republicans have not lost a U.S. Senate race in Kansas since 1932, but Democrats are feeling more confident with the victories last year of Gov. Laura Kelly and Rep. Sharice Davids.

Continue Reading
 

Breaking Banner

Trump waves off deaths in Syria: The Kurds are ‘no angels’

Published

on

President Donald Trump on Wednesday defended his decision to leave Syria by saying the Kurds are "no angels."

Trump made the remarks during a White House meeting.

"They are no angels, by the way," he was quoted as saying about the Kurds.

Republicans have accused Trump of betraying a U.S. ally by abandoning the Kurds to be crushed by Turkish forces in Syria.

Read some of the reports below.

Continue Reading
 
 
Help Raw Story Uncover Injustice. Join Raw Story Investigates for $1 and go ad-free.
close-image