Purdue Pharma, the company that’s earned billions of dollars selling the prescription painkiller OxyContin, said Wednesday it’s considering filing for bankruptcy as it battles lawsuits aimed at holding the firm accountable for the national opioid crisis.
Hundreds of local and state governments have sued Purdue and other drug makers and distributors, claiming they are responsible for the national opioid crisis for the way they allegedly deceptively and aggressively market their products.
KANSAS DOCTOR GETS LIFE IN PRISON AFTER PATIENT’S OPIOID OVERDOSE DEATH Purdue President and Chief Executive Officer Craig Landau told The Washington Post the company has not definitively decided on bankruptcy, but, considering the impact of legal settlements or jury verdicts could cost Purdue Pharma billions of dollars, it is heavily weighing the option.
Even though Purdue products are only a portion of opioids prescribed, documents from the Massachusetts state attorney general suggest, in an effort to hike drug sales, Purdue misled doctors who were reluctant to prescribe strong painkillers to their patients.
Purdue Pharma is privately owned by the Sackler family, which hired an executive and a consulting team that has experience restructuring companies during legal and financial crises.