Drugmakers are attempting to limit Medicare’s newfound ability to negotiate drug prices while also dealing with internal industry disputes and dwindling influence in Washington, D.C. Congress granted Medicare, the country’s largest buyer of prescription drugs, the authority to negotiate how much it pays for certain high-priced therapies and to receive rebates on treatments whose prices… Continue reading Big Pharma Looks to Ease Impact of Inflation Reduction Act
Tag: Big pharma
Purdue Pharma Pleads Guilty to Felonies Over OxyContin Sales
Purdue Pharma LP pleaded guilty to three federal felonies related to the marketing and distribution of its powerful opioid painkiller OxyContin, ending the bankrupt company’s exposure to U.S. government action but leaving other liabilities to state and local governments looming. The guilty plea on Tuesday follows the approval last week by a U.S. bankruptcy court… Continue reading Purdue Pharma Pleads Guilty to Felonies Over OxyContin Sales
Purdue Pharma Reaches $8.34B Settlement Over Opioid Probes
The Justice Department reached an $8.34 billion settlement with OxyContin-maker Purdue Pharma LP, the agency said Wednesday, helping clear the way for the bankrupt drugmaker to turn over future profits to cities and states that accuse it of fueling the opioid crisis. The settlement resolves yearslong criminal and civil probes by federal prosecutors into Purdue’s… Continue reading Purdue Pharma Reaches $8.34B Settlement Over Opioid Probes
Johnson & Johnson Adds $1B to Opioid Lawsuits Settlement Pool, Bringing Total to $5B
Johnson & Johnson appears to be nearing a final deal that could settle more than 2,000 lawsuits brought by states and cities that claim the company contributed to the opioid crisis by overselling the benefits of its painkillers. The U.S. drugmaker will pour an additional $1 billion into a potential settlement that would resolve those… Continue reading Johnson & Johnson Adds $1B to Opioid Lawsuits Settlement Pool, Bringing Total to $5B
Special Report: Big Pharma Wages Stealth War on Drug Price Watchdog
As evidence grew this spring that the drug remdesivir was helping COVID-19 patients, some Wall Street investors bet on analysts’ estimates that its maker, Gilead Sciences Inc, could charge up to $10,000 for the treatment. Then a small but increasingly influential drug-pricing research organization, the Institute for Clinical and Economic Review (ICER), said the treatment… Continue reading Special Report: Big Pharma Wages Stealth War on Drug Price Watchdog
States Seek $26.4 Billion from Drug Companies in Opioid Litigation
States are asking for around $26.4 billion from major pharmaceutical industry players to help pay for damage wrought by the opioid crisis, people familiar with the matter said, the latest demand in yearslong litigation seeking to hold companies accountable for widespread drug addiction. The current talks involve McKesson Corp., AmerisourceBergen Corp. and Cardinal Health Inc.,… Continue reading States Seek $26.4 Billion from Drug Companies in Opioid Litigation
‘SELL BABY SELL’: Inside the Opioid Industry’s Marketing Machine
A dozen years ago, the federal government came down hard on Purdue Pharma, fining the drugmaker and three of its executives a record $634 million for misbranding its blockbuster OxyContin pill as safer and less addictive than other painkillers. In the decade leading up to the 2007 fine, Purdue helped change the culture of prescribing… Continue reading ‘SELL BABY SELL’: Inside the Opioid Industry’s Marketing Machine
U.S. Prosecutors Open Criminal Probe of Opioid Makers, Distributors
Federal prosecutors are investigating six pharmaceutical companies for potential criminal charges in connection with shipping big quantities of opioid painkillers that contributed to a healthcare crisis, according to regulatory filings. Five companies have received subpoenas from the U.S. Attorney’s office in the Eastern District of New York as part of the investigation: drugmakers Teva Pharmaceutical… Continue reading U.S. Prosecutors Open Criminal Probe of Opioid Makers, Distributors
Opioid Epidemic Cost the U.S. Economy at Least $631 Billion Over Four Years
The opioid epidemic cost the U.S. economy at least $631 billion from 2015 to 2018, according to a Society of Actuaries’ (SOA) analysis of non-medical opioid use during this timeframe. The SOA report, authored by Milliman, also projected future costs of the opioid epidemic for 2019 based on three scenarios reflecting how the crisis may… Continue reading Opioid Epidemic Cost the U.S. Economy at Least $631 Billion Over Four Years
J&J Offers $4 Billion Opioid Litigation Settlement
Johnson & Johnson has offered to pay about $4 billion to settle all lawsuits in the U.S. accusing the company of contributing to the opioid-addiction epidemic, according to people familiar with the matter. If completed, the deal would resolve more than 2,000 lawsuits by state and local governments alleging that J&J’s marketing of pain drugs… Continue reading J&J Offers $4 Billion Opioid Litigation Settlement