Billion Dollar Opioid Settlement Suspected this Week

New York is likely to witness a massive $1 billion settlement with three major drug companies earlier this week. Opioid market history has seen thousands of lawsuits filed against some of the gigantic drugmakers. These lawsuits stretched out for years are finally nearing conclusive outcomes with $26 billion agreement among the states, and four companies. official announcement of the settlement could be made later this week.

The American drug distributing giants involved in the deal are AmerisourceBergen Corp. based in Pennsylvania along with Cardinal Health Inc., Ohio, and McKesson Corp., Texas. It also includes Johnson & Johnson as a member of the deal. The three drugmakers and the manufacturer have been pushing for the agreement worth $26 billion for over two years now.

They intended to address and conclude thousands of lawsuits. Both state as well as local governments have accused these members of instigating the nation’s Opioid epidemic. United States witnessed gruesome consequences with the Opioid epidemic that lasted from 1999 to 2019. The nation lost approximately half a million people during the epidemic as a result of overdosing prescriptions, and illegal consumption of Opioid.

Johnson & Johnson has made successful efforts in not going to trial. The company propositioned a settlement worth $263 million which has been accepted by New York. With the increasing speculations surrounding the lawsuits, AmerisourceBergen, Cardinal, and McKesson have refrained from making any comment over the settlement.Johnson & Johnson simply rephrased its earlier statement saying the work is in progress over the $5 billion settlement which is not symbolic to the firm’s wrongdoing.