Purdue Pharmaceuticals, the company that made billions selling the prescription painkiller OxyContin has filed for bankruptcy days after reaching a tentative...
Purdue Pharma, the company that made billions selling the prescription painkiller OxyContin, filed for bankruptcy in White Plains, New York, days after reaching a tentative settlement with many of the state and local governments suing it over the toll of opioids.
In a statement, the families of late company owners Mortimer and Raymond Sackler said they have “deep compassion for the victims of the opioid crisis” and believe the settlement framework “is an historic step toward providing critical resources that address a tragic public health situation.” “We are hopeful that in time, those parties who are not yet supportive will ultimately shift their focus to the critical resources that the settlement provides to people and problems that need them,” they said.
The Sacklers have given money to cultural institutions around the world, including the Smithsonian Institution, New York City’s Metropolitan Museum of Art and London’s Tate Modern. Purdue’s drugs are just a slice of the opioids prescribed, but critics assign a lot of the blame to the company because it developed both the drug and an aggressive marketing strategy.
The Associated Press and the Center for Public Integrity found the industry and groups it funded were also politically active, spending more than $880 million nationally on lobbying and campaigns from 2006 through 2015. That spending helped the industry fight off restrictions on prescribing the powerful painkillers.
One lawyer who is suing Purdue on behalf of clients including the city of Albuquerque, New Mexico, and the state of Utah, which has signed on to the tentative settlement, said it’s long been a consideration that Purdue could not afford to pay the massive amounts being sought in the lawsuits.
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