CVS Pharmacy faces a civil lawsuit from the Department of Justice for allegedly violating the Controlled Substances Act by filling unlawful opioid prescriptions from 2013. The complaint also accuses CVS of violating the False Claims Act. CVS disputes the allegations, stating all prescriptions were FDA-approved and written by licensed practitioners. The company’s stock initially saw a rise but remains down significantly year-to-date.
Novo Nordisk’s stock is showing intriguing technical analysis patterns, driven by investor psychology. Seller’s remorse and buyer’s anxiety are creating strong support levels and driving rallies, potentially indicating further upward momentum. This trend is particularly interesting given the potential of Novo Nordisk’s products to address the opioid crisis.
Purdue Pharma, the maker of OxyContin, has been granted an 18-day extension to negotiate a comprehensive settlement for its opioid litigation. This comes after the Supreme Court rejected a previous plan that would have shielded the Sackler family from lawsuits. The extension allows Purdue to modify its approach and potentially salvage parts of the original settlement.
Three major U.S. drug distributors, McKesson, Cencora, and Cardinal Health, have agreed to pay $300 million to settle claims from health insurers and benefit plans. These claims allege the distributors contributed to the opioid epidemic by failing to implement proper controls, leading to an overflow of addictive painkillers into illegal markets. This settlement follows a $21 billion agreement reached earlier with state and local governments.
Greenlane Holdings, a leading cannabis accessories and vaporization products company, announced a $6.5 million private placement to fuel working capital and general corporate purposes, including the nationwide distribution of its Safety Strips fentanyl test strips. The investment follows Greenlane’s recent initiative to combat the opioid crisis with its FDA-validated fentanyl detection technology.
The Supreme Court has rejected a nationwide settlement between Purdue Pharma, the maker of OxyContin, and state and local governments, effectively shielding the Sackler family from lawsuits related to the opioid epidemic. This decision, which came after a 5-4 vote, has significant implications for victims and the fight against opioid addiction.
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Discovery Resort Marketing (DRM), a digital marketing agency in the vacation ownership industry, has partnered with the Victoria’s Voice Foundation, an organization dedicated to supporting recovery efforts and preventing opioid overdoses. This collaboration is driven by Jenny Nelson, a senior executive at DRM with a personal connection to addiction.
McKinsey & Co. is being investigated for its role in the opioid epidemic by the US Department of Justice. The probe focuses on whether the firm engaged in a criminal conspiracy while advising Purdue Pharma and other pharmaceutical manufacturers on marketing strategies. The allegations also include healthcare fraud and obstruction of justice. While the investigation is ongoing and no charges have been filed, prosecutors are reviewing a significant amount of documentation.
Since 1999, over 760,000 lives have been lost to drug overdoses, with nearly 75% involving opioids. Despite awareness of their addictive nature, pharmaceutical companies continue to aggressively market opioids, leading to a staggering number of victims struggling with addiction. In a shocking revelation, Suboxone film, a widely used medication for opioid addiction, has been linked to a severe side effect: tooth decay. Despite mounting evidence, the original labels for Suboxone film failed to warn consumers of this risk. Now, a Multidistrict Litigation (MDL) case has been organized against the makers of Suboxone film, with attorney Sara Watkins appointed to leadership in the Plaintiffs’ Steering Committee.
