Teva Pharmaceutical Agreed to Pay $85 Million to Settle Opioid Claim

Teva Pharmaceutical Industries Ltd.

Teva Pharmaceutical Industries Ltd. had consented to pay $85 million to the state of Oklahoma to settle an issue considering that the company had to confront legal action as it was accused of helping to boost the U.S. opioid epidemic.

The settlement does not signal any misconduct by the company, the world’s largest drugmaker, Teva said. It has refused to discuss involvement in opioid abuse in Oklahoma.

The proposed allegations against the company also target its opioid products Fentora, Actiq and generic painkillers as well. The trial was set to initiate on Tuesday which includes Teva, Johnson & Johnson. The trial was intended to underscore the company’s marketing of the painkiller, which was responsible for the opioid epidemic.

One of Johnson & Johnson’s subsidiaries, Janssen Pharmaceuticals Inc., said it was involved in the issue and was ready to face legal action. However expressed disagreement over the public nuisance law, saying the state should not execute that in this situation.

The company further said in a statement that meanwhile, if litigation provides a wise resolution that could avert the uncertainty and expenses of the trial, then the company will willingly try that option.

Mike Hunter, the Attorney General of Oklahoma, has accused Purdue Pharma LP., J&J. Teva for misleading marking campaigns that overshadowed opioids’ addictive risks by exaggerating their benefits. Oklahoma State also alleged companies for excessive suppling painkillers and spreading irritation in public, which is set to cost nearly $12.7 billion to $17.5 billion for a cure.

Eugene Watt

About Eugene Watt

Eugene is a well-versed market research analyst who has more than 4 years of experience in the industry. He takes care of the Global Industry Insight business column. Though he holds a Masters in Business Administration in his free time, Eugene could be on the cricket ground. Along with keeping track of share market numbers, he is also a very enthusiastic outdoor activity player.

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