Beset By Lawsuits And Criticism In U.S., Opioid Makers Eye New Market In India : What began in India as a populist movement to bring inexpensive morphine to the diseased and dying poor has paved the way for a booming pain management industry. Now, new customers are being funneled to U.S. drugmakers bedeviled by a government crackdown back home. (Kaiser Health News 8/28/19) https://khn.org/news/india-burgeoning-chronic-pain-market-us-drugmakers-stand-to-profit/
Authorities have identified about $1 billion in wire transfers between the owners of pharmaceutical giant Purdue Pharma, the entities they control and different financial institutions, New York Attorney General Letitia James said Friday.
The discovery of the wire transfers comes as amid growing allegations by New York and other states that the Sackler family is moving billions of dollars offshore to protect their wealth. It also follows news two days ago of a proposed settlement by Purdue Pharma to thousands of states, counties, cities and tribal governments in their ongoing lawsuit accusing the company of fueling the nation’s opioid epidemic. https://www.cnn.com/2019/09/13/us/sackler-family-purdue-pharma-case/index.html
According to James, “records from one financial institution alone have shown approximately $1 billion in wire transfers between the Sacklers, entities they control, and different financial institutions, including those that have funneled funds into Swiss bank accounts.”
Forbes has estimated that the family fortune is worth $13 billion, a figure the family has not disputed, but many state attorneys general believe that the family has far more hidden away, as a safeguard against the cascade of litigation. https://www.nytimes.com/2019/09/13/health/sacklers-purdue-opioids.html
Sacklers threaten to scrap opioid deal if they aren’t shielded from lawsuits : Sacklers seek “the benefit of bankruptcy without the burdens of bankruptcy.” https://arstechnica.com/science/2019/09/sacklers-threaten-to-scrap-opioid-deal-if-they-arent-shielded-from-lawsuits/
Purdue Pharma filed for Chapter 11 bankruptcy protections Sunday, September 15 as part of a proposed global deal to settle around 2,000 lawsuits, mostly from state and local governments. The complaints are over Purdue’s alleged role in fueling the epidemic of opioid addiction and overdoses with its aggressive and misleading marketing of highly addictive painkillers.
The epidemic killed nearly 400,000 Americans between 1999 and 2017, according to the Centers for Disease Control and Prevention. On average, 130 Americans die each day from an opioid overdose.
Purdue is estimated to have made more than $35 billion from OxyContin, and the Sacklers have an estimated family fortune of $13 billion, largely thought to be from Purdue’s OxyContin profits.
“I am like any other man. All I do is supply a demand.” (Alphonse Gabriel “Al” Capone)
Some of John Kay’s social commentary comes to mind here.
Steppenwolf Rocks!
Beset By Lawsuits And Criticism In U.S., Opioid Makers Eye New Market In India : What began in India as a populist movement to bring inexpensive morphine to the diseased and dying poor has paved the way for a booming pain management industry. Now, new customers are being funneled to U.S. drugmakers bedeviled by a government crackdown back home. (Kaiser Health News 8/28/19) https://khn.org/news/india-burgeoning-chronic-pain-market-us-drugmakers-stand-to-profit/
Authorities have identified about $1 billion in wire transfers between the owners of pharmaceutical giant Purdue Pharma, the entities they control and different financial institutions, New York Attorney General Letitia James said Friday.
The discovery of the wire transfers comes as amid growing allegations by New York and other states that the Sackler family is moving billions of dollars offshore to protect their wealth. It also follows news two days ago of a proposed settlement by Purdue Pharma to thousands of states, counties, cities and tribal governments in their ongoing lawsuit accusing the company of fueling the nation’s opioid epidemic. https://www.cnn.com/2019/09/13/us/sackler-family-purdue-pharma-case/index.html
According to James, “records from one financial institution alone have shown approximately $1 billion in wire transfers between the Sacklers, entities they control, and different financial institutions, including those that have funneled funds into Swiss bank accounts.”
Forbes has estimated that the family fortune is worth $13 billion, a figure the family has not disputed, but many state attorneys general believe that the family has far more hidden away, as a safeguard against the cascade of litigation. https://www.nytimes.com/2019/09/13/health/sacklers-purdue-opioids.html
“Purdue Pharma, facing thousands of lawsuits and bankruptcy, wants to pay ‘certain employees’ $34 million in bonuses : The company ‘is not an easy place to work right now,’ its attorneys told the judge.” https://www.washingtonpost.com/nation/2019/09/19/purdue-pharma-facing-thousands-lawsuits-bankruptcy-wants-pay-certain-employees-million-bonuses/
Sacklers threaten to scrap opioid deal if they aren’t shielded from lawsuits : Sacklers seek “the benefit of bankruptcy without the burdens of bankruptcy.” https://arstechnica.com/science/2019/09/sacklers-threaten-to-scrap-opioid-deal-if-they-arent-shielded-from-lawsuits/
Purdue Pharma filed for Chapter 11 bankruptcy protections Sunday, September 15 as part of a proposed global deal to settle around 2,000 lawsuits, mostly from state and local governments. The complaints are over Purdue’s alleged role in fueling the epidemic of opioid addiction and overdoses with its aggressive and misleading marketing of highly addictive painkillers.
The epidemic killed nearly 400,000 Americans between 1999 and 2017, according to the Centers for Disease Control and Prevention. On average, 130 Americans die each day from an opioid overdose.
Purdue is estimated to have made more than $35 billion from OxyContin, and the Sacklers have an estimated family fortune of $13 billion, largely thought to be from Purdue’s OxyContin profits.
“I am like any other man. All I do is supply a demand.” (Alphonse Gabriel “Al” Capone)
“Who are the Sacklers, the family behind maker of OxyContin?” (A/P 9/19/19) https://www.apnews.com/f69d14706030450da26dd6b0f5466eb8