Four drug companies reach a settlement to avoid a trial seeking to blame them for fueling the opioid crisis, people familiar with the matter say
By Sara Randazzo Updated Oct. 21, 2019 8:27 am ET CLEVELAND—Four drug companies have reached a settlement at the last minute to avoid a trial here seeking to blame them for fueling the opioid crisis, according to people familiar with the matter.
The settlements with two Ohio counties put off the federal jury trial for the companies but fall short of a more comprehensive deal currently being negotiated to resolve thousands of opioid lawsuits nationwide. The lawsuits broadly allege the pharmaceutical industry pushed opioid painkillers for widespread use without adequately warning of the risks of addiction and allowed high volumes of pills to flood into communities.
At least 400,000 people have died in the U.S. from overdoses of legal and illegal opioids since 1999, according to federal data. McKesson, Cardinal and AmerisourceBergen collectively controlled 95% of the U.S. drug distribution market in 2018, according to Drug Channels Institute, which provides research on the drug-supply chain. The three companies are among the largest in the U.S., all ranking in the top 25 of the Fortune 500.
Israel-based Teva and its subsidiaries make generic opioid painkillers and two branded drugs used for cancer pain. The company has argued that it doesn’t market its generic opioids.
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