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US opioid lawsuits on verge of settlements with 4 companies
The yearslong effort by state and local governments in the U.S. to force the pharmaceutical industry to help pay to fix a nationwide opioid addiction and overdose crisis took a major step forward Tuesday when lawyers for local governments announced they were on the verge of a $26 billion settlement with the nation s three biggest drug distribution companies and the drugmaker Johnson & Johnson.
Under the deal, Johnson & Johnson would not produce any opioids for at least a decade. And AmerisourceBergen, Cardinal Health and McKesson share prescribing information under a new system intended to stop the avalanches of pills that arrived in some regions about a decade ago.
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Jul 21, 2021 4:23pm
Funds from a $26 billion settlement from the opioid crisis will be earmarked for treatment, recovery, education and prevention of opioid abuse. (Getty/BackyardProduction)
Johnson & Johnson and the United States’ three largest drug distributors have agreed to a $26 billion settlement to resolve thousands of opioid lawsuits. On Wednesday, seven states unveiled the deal which will help them fund measures to combat the opioid epidemic.
The agreement by J&J, AmerisourceBergen, Cardinal Health and McKesson has been under negotiation for more than two years. States will have 30 days and local jurisdictions will have 150 days to enlist in the pact.
J&J will fork over $5 billion over nine years, with the bulk of the payments coming over the first three years. The three distributors are on the hook for the remaining $21 billion, which will be paid over 18 years.