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posted by martyb on Monday March 04 2019, @07:49PM   Printer-friendly
from the privatize-profits-socialize-costs dept.

OxyContin maker Purdue Pharma reportedly exploring bankruptcy

OxyContin maker Purdue Pharma is exploring filing for bankruptcy to address potentially significant liabilities from thousands of lawsuits alleging the drug manufacturer contributed to the deadly opioid crisis sweeping the United States, people familiar with the matter said on Monday.

The deliberations show how Purdue and its wealthy owners, the Sackler family, are under pressure to respond to mounting litigation accusing the pharmaceutical company of misleading doctors and patients about risks associated with prolonged use of its prescription opioids.

Purdue denies the allegations, arguing that the U.S. Food and Drug Administration-approved labels for its opioids carried warnings about the risk of abuse and misuse associated with the drugs.

Filing for Chapter 11 protection would halt the lawsuits and allow the drug maker to negotiate legal claims with plaintiffs under the supervision of a U.S. bankruptcy judge, the sources said.

No "Big Tobacco" moment for Purdue Pharma. Cut and run.

Previously: City of Everett, Washington Sues OxyContin Maker Purdue Pharma
OxyContin's 12-Hour Problem
South Carolina Sues OxyContin Maker Purdue
Tens or Hundreds of Billions of Dollars Needed to Combat Opioid Crisis?
Purdue Pharma to Cut Sales Force, Stop Marketing Opioids to Doctors
Colorado Attorney General Sues Purdue Pharma

Related: The Dutch Supply Heroin Addicts With Dope and Get Better Results Than USA
U.S. Opioid Deaths May be Plateauing


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  • (Score: 3, Interesting) by Sulla on Monday March 04 2019, @08:53PM

    by Sulla (5173) on Monday March 04 2019, @08:53PM (#809972) Journal

    Corporations get what corporations want regardless of party. If President Obama cared about the oxy flowing into this country he would have done something about our Afghanistan opium expedition that ensures that our pharma companies have a steady supply of white gold. Everytime we have a situation where a law might pass/not pass in a way that is favorable to pharma we always have some "mavericks" that cross party lines to make sure the profit keeps flowing. Every vote to continue appropriations for the Afghanistan war is a vote for big pharma, every vote for the ACA was a vote for big pharma, every time someone from either party blocked patent reform they were paid by big pharma.

    https://www.cnn.com/2016/02/11/health/big-pharma-presidential-politics/index.html [cnn.com] (from 2016 election)
    http://www.drugsdb.com/blog/big-pharma-political-contributions.html [drugsdb.com] (from 2012 election)

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