Former president Donald Trump was highly critical of opioid drug manufacturers. He wanted to shed more light on their role in the opioid crisis. The rise in prescription opioids has drawn the attention lawmakers across the country. Opioid prescriptions were 219 million in 2011; this was nearly triple the number reported 20 years earlier despite the fact the level of pain felt by Americans may not have increased proportionately. Others believe opioid manufacturers may have aggressively marketed these drugs to doctors without properly describing the risk.
Drug overdoses represent the largest cause of accidental deaths in the United States; they recently surpassed car accidents. Many believe the rise in drug overdoses has been driven by the use of prescription opioids. According to the National Institute on Drug Abuse, in 2016, the number of drug overdoses were 64,000, up 23% Y/Y and more than twice the 23,518 reported in 2002. In 2002, opioid prescription drug overdoses were 32% of total drug overdoses. That figure increased to 43% in 2015, and 59% in 2016. Opioid prescription overdoses continue to hit record highs even after the government’s concerted efforts to reduce them.
Opioid litigation could be coming to a head. Johnson & Johnson (JNJ) and the big distributors struck a global opioid settlement for $26 billion. Purdue Pharma and Mallinckrodt settled for $4.5 billion and $1.6 billion, respectively. Endo Pharmaceuticals (ENDP) struck a $50 million opioid deal with New York state, which could create a pathway to a global opioid deal. State Attorney General Letitia James gets to put another $50 million into communities throughout the state for opioid treatment and prevention. Shocking The Street explains what’s next for ENDP.
The opioid litigation is beginning to come to a head. Johnson & Johnson (JNJ) and the major distributors entered a global opioid settlement for $26 billion a few months ago. States and municipalities appear moving forward to an agreement, which could remove the defendants off the hook for good. Endo International (END) settled with the state of New York for $50 million last week. The stock was extremely depressed prior to the settlement. The stock failed to stay above $3 per share on 120 million shares trades. Trump And The GE explained how ENDP is highly-shorted and manipulated to short sellers. Something eventually has to give. Trump And The GE: Endo’s Shorts Are Running A Ponzi Scheme explained in detail.