I've been talking about federal and state governments suing prescription drug companies over their role in the opioid epidemic, but I never thought that I'd see a drug company pay victims. But that's apparently what is going to happen in Ohio.
Endo Pharmaceuticals announced that it'll pay over ten-million-dollars to Cuyahoga and Summit countiesin Ohio for their response to the scores of opioid overdose deaths. They will also, apparently, be paying some individuals for the damage done.
Other drugmakers and distributors are scheduled to go on trial in federal court in October. Endo now avoids that, but faces other suits.
A number of thoughts, most of them cynical:
- This is chump change for a drug company, I'm not sure they'll be willing to do it on a larger scale.
- During my time as a legislator, the tobacco companies settled with states. Most of that money went to state governments, NOT to victims.
- Even if drug companies settle, it will be at a cost they can absorb - they'll continue to rake in the money, and I'm not sure settlements will solve the problem (companies encouraging doctors to prescribe).
- I am still looking at Congress to figure out ways to lower drug prices due to the large regulatory scheme that exists. We'll continue to talk about those solutions on the show.
Source: Yahoo!