Big Pharma Purdue files for bankruptcy

A follow-up to a current News Views article:

After shifting millions of dollars to a Swiss bank account, Purdue Pharmacy files for bankruptcy.

OxyContin maker Purdue Pharma filed for Chapter 11 bankruptcy protection, collapsing under the weight of thousands of lawsuits from states and individuals seeking damages stemming from the opioid crisis.

The Stamford, Connecticut-based company has been accused by nearly every U.S. state of downplaying how dangerously addictive its blockbuster pain killer is while exaggerating its benefits. The Sackler family, which owns Purdue Pharma, has been blamed for helping fuel an opioid epidemic that’s claims an average of 130 lives a day. They’ve also been ostracized from the philanthropy circles they once traveled as museums across the world reject their donations. Prosecutors say the company’s marketing practices encouraged doctors to push higher doses of the narcotic and contributed to a public health crisis that has caused thousands of overdoses in the U.S. each year.

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