Pharmacy Giants Reach Agreements in Opioid Cases
(ConservativeHub.com) – Modern medicine has saved lives in ways once never thought possible. However, these leaps and strides in research and technology also have downsides. Strong painkillers, typically opioids like oxycodone and hydrocodone, keep those facing severe pain from becoming overwhelmed, but they’re incredibly addictive. This problem has resulted, in part, in an increasing rate of opioid overdoses in recent years. Now, however, three pharmacies may now pay their dues for their alleged involvement in the crisis.
Walmart, Walgreens, and CVS reached tentative agreements to pay billions to a myriad of state and local governments that sued them for supplying communities with opioids. If the deals are approved, the companies can spread the payments over several years. CVS will reportedly pay $5 billion over a decade, Walgreens will give $5.7 billion over 15 years, and Walmart is paying only $3.1 billion as a mostly lump-sum payment. Some outlets have reported Walgreens is paying closer to $5 billion.
CVS, Walgreens and Walmart have tentatively agreed to pay about $13.8 billion to resolve thousands of state and local government lawsuits accusing the chains of mishandling opioid painkillers, according to two people familiar with the negotiations https://t.co/BUegStMEiT pic.twitter.com/AzOvwcWAH0
— Reuters Legal (@ReutersLegal) November 2, 2022
CVS released a statement on the agreement on November 4, explaining that about $4.9 billion of its money would go to “states and political subdivisions,” while another $130 million would go to tribes. They were quick to point out that the agreement was not an admission of wrongdoing. Bloomberg reported that Walgreens officials said they were “committed to being a part of the solution.”
While this was the first national deal of its kind, more cases with smaller pharmacies will likely end up with similar settlements. It’s notable that other opioid-related lawsuits have been making their way through the courts in recent months, with some of the major cases taking place in Virginia.
Copyright 2022, ConservativeHub.com