Tag: opioid epidemic

Teva Reaches Tentative $4.25 Billion Settlement Over Opioids

Three open bottles of prescription medication.

Teva Pharmaceuticals, one of the country’s largest generic opioid manufacturers, announced a preliminary agreement with 2,500 local governments, states, and tribes regarding the company’s role in the deadly, ongoing opioid epidemic. The agreement, worth up to $4.25 billion, follows a year of scathing trials and previous settlements in individual cases across the country. Teva, an… Continue reading Teva Reaches Tentative $4.25 Billion Settlement Over Opioids

Teva Pharm Sees Nationwide U.S. Opioid Settlement in 2022

A large group of prescription medication bottles sit on a table as a man in the background stands with his hand on his head. The image is photographed with a very shallow depth of field with the focus being on the pill bottles in the foreground.

Teva Pharmaceutical Industries’ CEO said on Tuesday that the company remains optimistic that it will reach a nationwide settlement in lawsuits alleging that it and other drug companies fueled the U.S. opioid epidemic by the end of the year. Teva, the world’s largest generic drugmaker, increased its legal provision for opioid litigation by $1.1 billion… Continue reading Teva Pharm Sees Nationwide U.S. Opioid Settlement in 2022

California Judge Delivers Drugmakers First Trial Win in Opioid Litigation

A large group of prescription medication bottles sit on a table as a man in the background stands with his hand on his head. The image is photographed with a very shallow depth of field with the focus being on the pill bottles in the foreground.

A California judge on Monday said he would rule against several large counties that accused four drugmakers of fueling the U.S. opioid epidemic, saying they failed during a trial to prove their $50 billion case. Orange County Superior Court Judge Peter Wilson issued a tentative ruling finding Johnson & Johnson, Teva Pharmaceutical Industries Ltd, Endo… Continue reading California Judge Delivers Drugmakers First Trial Win in Opioid Litigation

‘SELL BABY SELL’: Inside the Opioid Industry’s Marketing Machine

Three open bottles of prescription medication.

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

Three open bottles of prescription medication.

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

Major Drug Companies Reach Last-Minute $260 Million Opioid Settlement

A large group of prescription medication bottles sit on a table as a man in the background stands with his hand on his head. The image is photographed with a very shallow depth of field with the focus being on the pill bottles in the foreground.

The three major drug distributors and an opioid manufacturer have reached a settlement worth $260 million to avoid the landmark first federal opioid trial that was set to begin here Monday. Judge Dan A. Polster of the Northern District of Ohio announced from the bench Monday morning that the deal was struck around 1 a.m.… Continue reading Major Drug Companies Reach Last-Minute $260 Million Opioid Settlement

Opioid Epidemic Cost the U.S. Economy at Least $631 Billion Over Four Years

Three open bottles of prescription medication.

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

Opioid epidemic, painkillers and drug abuse concept with close up on a bottle of prescription drugs and hydrocodone pills falling out of it on white

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