Drugmaker Johnson & Johnson and three major distributors finalized nationwide settlements over their role in the opioid addiction crisis Friday, an announcement that clears the way for $26 billion to flow to nearly every state and local government in the U.S.
Kace Capital Advisors managing partner Kenny Polcari and Sanders Morris Harris chairman George Ball analyze the break ups on 'The Claman Countdown.'A man picking up clean needles who asked to be identified only as Anthony P. said he was 46 and had struggled with addiction since he was a teenager. He said he’d like to see an effort to cut off fentanyl and related synthetic opioids that are driving overdose death rates from the drug supply.
The settlement with J&J and the three distributors marks a major step toward resolving the vast constellation of lawsuits in the U.S. over liability for an epidemic that has been linked to the deaths of more than 500,000 Americans over the past two decades.Other companies, including business consultant McKinsey and drugmakers Endo, Mallinckrodt and Teva, have reached national settlements or a series of local ones.
The crisis has deepened during the coronavirus pandemic, with U.S. opioid-related deaths reaching a high of more than 76,000 in the 12 months that ended in April 2021, largely because of the spread of fentanyl and other lab-made drugs. Afrom a commission by The Lancet medical journal projected that 1.2 million Americans could die of opioid overdose between 2020 and 2029 without policy changes.
John F. Kelly, a professor of psychiatry in addiction medicine at Harvard Medical School, said he wants to see money from the settlements go not just for treatment, recovery and support efforts but also to build systems designed to prevent this sort of epidemic from happening again. "Some kind of national board or organization could be set up ... to prevent this kind of lack of oversight from happening again -- where industry is allowed to create a public health hazard," he said.
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Johnson & Johnson, distributors finalize $26B landmark opioid settlementNew Brunswick-based Johnson & Johnson has nine years to pay its $5 billion share.
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J&J, distributors finalize $26B landmark opioid settlementDrugmaker Johnson & Johnson and three major distributors have finalized a nationwide settlement over their role in the opioid addiction crisis
Read more »
J&J, distributors finalize $26B landmark opioid settlementCAMDEN, N.J. (AP) — Drugmaker Johnson & Johnson and three major distributors finalized nationwide settlements over their role in the opioid addiction crisis Friday, an announcement that clears the way for $26 billion to flow to nearly every state and local government in the U.S.
Read more »
J&J, distributors finalize $26B landmark opioid settlementDrugmaker Johnson & Johnson and three major distributors have finalized a nationwide settlement over their role in the opioid addiction crisis
Read more »
J&J, distributors finalize $26B landmark opioid settlementCAMDEN, N.J. (AP) — Drugmaker Johnson & Johnson and three major distributors finalized nationwide settlements over their role in the opioid addiction crisis Friday, an announcement that clears the way for $26 billion to flow to nearly every state and local government in the U.S.
Read more »
Johnson & Johnson, distributors finalize $26B landmark opioid settlementNew Brunswick-based Johnson & Johnson has nine years to pay its $5 billion share.
Read more »