Tag: Purdue bankruptcy

‘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

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

Judge Orders Pause in Opioid Litigation Against Purdue Pharma and Sacklers’ Image

Three open bottles of prescription medication.

Citing mounting costs of litigation that are siphoning funds that could otherwise go to abate the opioid crisis, a bankruptcy judge on Friday ordered a pause in legal action by states against Purdue Pharma and its owners, the Sacklers. The ruling was a setback for 25 states that have forcefully opposed a national opioid settlement… Continue reading Judge Orders Pause in Opioid Litigation Against Purdue Pharma and Sacklers’ Image

Purdue Settlement Hinges on Deal with Justice Department, Documents Show

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

OxyContin maker Purdue Pharma LP’s plan to turn over its operations to creditors and see its owners, the Sacklers, exit the opioid business is contingent on first resolving U.S. Justice Department probes, court filings show. The disclosure emerged late Tuesday in a proposed term sheet Purdue filed in U.S. Bankruptcy Court in New York that… Continue reading Purdue Settlement Hinges on Deal with Justice Department, Documents Show

Sacklers Reaped Up to $13B from OxyContin Maker, U.S. States Say

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

OxyContin maker Purdue Pharma LP steered up to $13 billion in profits to the company’s controlling Sackler family, according to U.S. states opposing efforts to halt lawsuits alleging the company and its owners helped fuel the U.S. opioid epidemic. The wealthy Sacklers received the money from Purdue during an unspecified time frame, according to court… Continue reading Sacklers Reaped Up to $13B from OxyContin Maker, U.S. States Say

OxyContin Maker Purdue Pharma Files for Bankruptcy Protection

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

Purdue Pharma LP filed for bankruptcy protection Sunday night with a partial deal aimed at resolving thousands of lawsuits filed by states and municipalities accusing it of fueling the opioid crisis. The filing, made in federal bankruptcy court in White Plains, N.Y., marks a remarkable downfall for the closely held company started more than five… Continue reading OxyContin Maker Purdue Pharma Files for Bankruptcy Protection