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The $8 Billion penalty is missing the point here. First of all, Purdue is going through banckruptcy. Under this agreement, the company will be dissolved at the end of this process. Its current assets are currently estimated to be about $5 Billion, so the $8 Billion settlement amount is more symbolic than anything else.
Also, the bankruptcy court will need to approve this settlement agreement, which I predict they will not do, in part for the reasons mentioned above, and also because there are a number of other stakeholders in Purdue who also have legitimate claims on the company's remaining assets, which the bankruptcy court will take into account.
The Justice Department announced on Wednesday a global settlement of civil and criminal investigations into Purdue Pharma's aggressive marketing of opioid medications, including OxyContin.
Federal officials have long maintained Purdue's actions helped fuel a prescription opioid epidemic that has killed more than 232,000 Americans, according to the Centers for Disease Control and Prevention.
But the deal unveiled Wednesday morning, which includes three felony guilty pleas, won't result in company officials or members of the Sackler family, who own Purdue Pharma, serving prison time.
However, Justice Department officials said this deal doesn't preclude future criminal prosecutions of individuals involved in Purdue Pharma's opioid marketing practices. They said those separate investigations are ongoing.
While no criminal indictments have been handed down as yet, none of the people involved in this are in the clear. However, with the protections provided by the corporate "veil," it is not clear exactly what crimes specific individuals might be charged with.
This was part of an almost Hilteresque evil that resulted in hundreds of thousands of American deaths, and many more ruined lives. Some of the people involved in this company and in other parts of the supply chain for these opiods - including not just a few medical doctors - should probably be given the harshest possible penalties for their crimes.
The law may not be set up to do it, but if ever there were people who deserved to be executed in the name of justice, certainly many of these people deserve to be at the top of that list.
Evaluating this tragedy in terms of a monetary settlement completely misses what is truly important here.
8 billion says it all. If they are able to payout that amount just think how much more they are hiding from us.
Yep that too lenient, but I guess we also can sue the pharmacies that distribute, and the doctors that prescribe. We as country have deficit to pay down.
I do not even understand this; they provided a product, a product a person cannot buy without a prescription from a doctor. So, if there is abuse, how in the hell is that their fault? If doctors are complicit in allowing people to abuse the drug, then that should fall on the doctors and the abusers.
I do not even understand this; they provided a product, a product a person cannot buy without a prescription from a doctor. So, if there is abuse, how in the hell is that their fault? If doctors are complicit in allowing people to abuse the drug, then that should fall on the doctors and the abusers.
Dont Docs and insurance get kickbacks from pushing drugs. I thought that is why pharmaceutical reps exist. Why else you need to go around to each Doc to market a brand?
8 billion says it all. If they are able to payout that amount just think how much more they are hiding from us.
They are not able to pay out anything close to that amount, and they will not in the end pay anything close to that amount.
Purdue is in bankruptcy and is going to be liquidated. The company's net assets are roughly estimated to be about $5 billion. And there are a lot of other legitimate claimants to those assets in bankruptcy than just the beneficiaries of this settlement agreement.
I do not even understand this; they provided a product, a product a person cannot buy without a prescription from a doctor. So, if there is abuse, how in the hell is that their fault? If doctors are complicit in allowing people to abuse the drug, then that should fall on the doctors and the abusers.
The abusers in many cases have been punished literally to death.
Your point about holding the doctors who irresponsibly prescribed these opioids is spot on. These doctors are every bit as guilty for these deaths and the ruined lives as this company is.
I do not even understand this; they provided a product, a product a person cannot buy without a prescription from a doctor. So, if there is abuse, how in the hell is that their fault? If doctors are complicit in allowing people to abuse the drug, then that should fall on the doctors and the abusers.
They paid doctors to prescribe it
They advertised it harshly.
The whole industry pushed this stuff out like candy.
They paid doctors to prescribe it
They advertised it harshly.
The whole industry pushed this stuff out like candy.
If someone paid me to kill someone, and I did, I am just as complicit. I also have the choice of refusing.
A doctor volunteered to do this, and got paid to do so. I would not kill someone for all the money in the world, so why is a doctor violating his discipline and oath, receiving money to do this? That is criminal, a simple "no" will do wonders.
So what they advertise harshly, there are all sorts of advertisements in the world, I still have not yet bought a Bick nor will I ever, despite the no stop advertising. I also never ate at Burger and McDonalds, despite the constant advertisements.
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