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Home / Business / The creator of OxyContin is considering bankruptcy as litigations increase in the face of the national opioid crisis

The creator of OxyContin is considering bankruptcy as litigations increase in the face of the national opioid crisis



Purdue Pharma, the company that has made billions of dollars with the prescription painkiller OxyContin, said it was considering filing for bankruptcy as it deals with lawsuits against those responsible for the national opioid crisis.

"How the company According to Purdue, Robert Johnson told The Associated Press.

Hundreds of local and state governments have sued Purdue and other drugs Manufacturers and distributors claim they are responsible for the national opioid crisis for the species and How they allegedly market their products deceptively and aggressively When Purdue filed for bankruptcy, a federal trial judge could decide if other companies can proceed while Purdue is being treated separately.

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Craig Landau, president and chief executive officer of Purdue, told the Washington Post that the company had not finally decided bankruptcy, but given the impact of legal settlements or jury verdicts, Purdue Pharma Billions of dollars cost the option. [1

9659003] "We think about it, but we really have not made any decisions about what action to take. Much depends on what will develop over the coming weeks and months, "said Landau.

Since the release of OxyContin in 1996, addiction and overdose levels have increased dramatically, the US Centers for Disease Control and Prevention reported Almost 48,000 opioid-related deaths were reported in 2017. It was not clear exactly how many specifically stemmed from the use of OxyContin.

Although Purdue products are only prescribed for some of the opioids, Massachusetts Attorney General's documents suggest that the Sales of medicines misled by Purdue were reluctant to prescribe strong analgesics to their patients, arguing that their safety and addiction were neglected, and persuaded physicians that their medicines were safe to increase the profit margin at the expense of patients who were addicted to their products.

Purdue is the main challenger in one on May 28th en Study against the state of Oklahoma. The prosecution could claim more than $ 1 billion from pharmaceutical companies, according to The Post.

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. The prosecutors consolidated most of the lawsuits in a federal court in Cleveland The settlement talks will continue before two scheduled court hearings this fall, but bankruptcy proceedings would likely stop the legal process for Purdue.

Purdue Pharma is privately owned by the Sackler family, which has a senior executive and consulting team experienced in corporate legal and corporate restructuring. Massachusetts court records show that the Purdue family received more than $ 4 billion from 2007-2018.

The Associated Press contributed to this report.


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