Opioid settlement: CVS, Walgreens and Walmart reach a tentative $12 billion deal



CNN

CVS has tentatively agreed to pay $5 billion to settle lawsuits brought by states and local governments alleging retailers mishandled opioid painkiller prescriptions.

Two other major retailers – Walgreens and Walmart – have tentatively agreed to pay billions of dollars to settle similar lawsuits, according to reports from Bloomberg and Reuters.

The deal calls for Walgreens to pay at least $4 billion and Walmart to pay $3 billion, Bloomberg reportedciting sources familiar with the matter.

The deal won’t be finalized until enough states, counties and cities agree to the terms, Bloomberg said.

CNN has reached out to the companies for comment.

SVC said if the settlement is reached, it would pay the states over 10 years starting in 2023.

“We are pleased to resolve these long-standing claims and putting them behind us is in the best interests of all parties, as well as our customers, colleagues and shareholders,” CVS General Counsel Thomas Moriarty said in a statement. . “We are committed to working with states, municipalities and tribes, and will continue our own important initiatives to help reduce the illegitimate use of prescription opioids.”

US states, cities and counties have filed over 3,000 lawsuits against opioid manufacturers, distributors and pharmacies, accusing them of minimizing the risk of addiction and failing to prevent the diversion of pills for illegal purposes.

More than 500,000 overdose deaths over the past two decades – including more than 80,000 in 2021 alone – are attributed to the Opioid crisis in the United Statesaccording to government data, with approximately 9.5 million Americans aged 12 and older reported in 2020 as having abused opioidsincluding 9.3 million prescription painkillers and 902,000 heroin users.

Meanwhile, synthetic opioids, primarily fentanyl, caused nearly two-thirds of the more than 100,000 drug overdose deaths in the United States in the 12 months ending April 2021 – up 49% from the previous year – the National Center for Health Statistics found from the CDC.

Opioids are drugs formulated to mimic the painkilling properties of opium and include prescription painkillers like morphine, oxycodone and hydrocodone and illegal drugs like heroin and illegally manufactured fentanyl.

People who become addicted to opioids may experience withdrawal symptoms when they stop using them, and addiction is often associated with tolerance, which means users must take increasingly larger doses for the same effect. .

A federal judge ruled in August on CVS, Walgreens and Walmart must pay a total of $650.6 million to two counties in Ohio for damages related to the opioid crisis. The lawsuit was originally filed in 2018 as part of a multidistrict federal litigation created that year to address multiple claims against opioid manufacturers and distributors.

Teva Pharmaceutical Industries announced in July a proposed $4.35 billion national settlement it could solve thousands of lawsuits over the drugmaker’s alleged role in the opioid epidemic in the United States.

Purdue Pharma – whose painkiller OxyContin has been widely blamed for starting the opioid crisis — and the Sacklers families announced in March a settlement with a group of states that would force the Sacklers to disburse up to $6 billion to states, individual plaintiffs and alleviating the opioid crisis, if approved by a federal bankruptcy court judge.

And Johnson & Johnson and the three largest U.S. drug distributors — McKesson Corp, Cardinal Health Inc and AmerisourceBergen Corp — finalized a $26 billion nationwide deal opioid settlement in February.

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