US pharmacy chain CVS to pay US$5b in opioid settlement: statement
US PHARMACY chain CVS Health said Wednesday (Nov 2) that it had agreed to pay approximately US$5 billion over 10 years to “resolve all opioid lawsuits and claims” against it by US states and cities.
The opioid crisis, which has caused more than 500,000 deaths over 20 years in the US, has triggered a flurry of lawsuits against drugmakers, distributors and pharmacies from victims as well as cities, counties and states impacted by the fallout.
“We are pleased to resolve these longstanding claims, and putting them behind us is in the best interest of all parties, as well as our customers, colleagues and shareholders,” CVS chief policy officer 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,” he added.
The agreement in principle covers claims by all governmental entities in the US, the statement said.
CVS, which is set to begin payouts next year, clarified that the settlement is “not an admission of any liability or wrongdoing”.
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For many people, opioid addiction begins with prescribed pain pills, before they increase their consumption and eventually turn to illicit drugs such as heroin and fentanyl, an extremely powerful synthetic opioid. AFP
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