elderly man with opioid in hand

Opioid Pharmaceutical Company Facing Bankruptcy

One of the largest pharmaceutical firms and producer of OxyContin, Purdue Pharma, has stated that they are considering bankruptcy.

 

The Chief Executive Officer, Craig Landau, stated March 13thon the topic, “We are considering it, but we’ve really made no decisions on what course of actions to pursue. A lot depends on what unfolds in the weeks and months ahead.”

 

After many lawsuits and allegations of deceptive marketing practices to promote the highly addictive substance, to which Purdue has denied, one of their divisive strategies is to declare bankruptcy to stop all litigation.

 

The people affected by Purdue’s actions in the state of Oklahoma could be seeking more than $1 billion from defendants, according to The Washington Post.

 

Over 45,000 Americans died from opioid-related overdoses in 2017. While 17,029 have died from Prescription Opioids in 2017. The statistics of 2018 have yet to be published but based on the trends, it seems like it could go either way.

We are now seeing trends of an opioid, Fentanyl, growing in use as a continuation of the opioid epidemic that has been a severe issue for over a decade now.

 

Purdue, essentially, marketed the drugs to people for use and after a large portion of the American population became addicted, they began creating marketing campaigns to get them off of the opioids that they originally made. Purdue is facing billions of dollars in fines.

 

If you know of someone, or are someone, who has been affected by the opioid crisis, we are here to help you get the justice that you deserve. Call Martin Walker Law today.