NEW HAVEN: The city has joined the parade of states and cities suing the privately owned Stamford, Connecticut based Purdue Pharma and other pharmaceutical companies over their marketing of opioids, such as Purdue’s, oxycontin.
Other companies being sued include Johnson & Johnson [NYSE: JNJ], Insys Therapeutics [Nasdaq: INSY] Chandler, AZ, Endo Pharmaceuticals [Nasdaq: ENDP] of Dublin, Ireland and Teva Pharmaceuticals [NYSE: TEVA], Petach Tikva, Israel.
The city is also suing claiming that the drug companies and drug distributors McKesson Corp. of Stuggart, Germany and Cardinal Health [NYSE: CAH], Dublin, Ohio have marketed the prescription drugs through deception.
The city reports that New Haven saw 70- deaths as result of the opioids in the past year
John Rose Jr., corporation counsel for the city said, “this plague that has been visited on this city and on countless other towns and cities and their citizens.
Purdue Pharma is estimated to generate $30 billion
Prescriptions for OxyContin have reportedly fallen nearly 40% since 2010. That trend should continue as states take action similar to laws Connecticut and Massachusetts enacted limiting prescription for opioid drugs to seven days. Worldwide sales were estimated by Forbes Magazine as $6 billion annually for Purdue. The Sackler family, that owns the company is said to have a net worth of $13 billion.
The FDA approval Hysingla a new painkiller that the company says demonstrates the painkiller can prevent users from abusing it.