Johnson & Johnson (NYSE:JNJ) has reached a settlement agreement with Colorado and Nevada to put opioid-related allegations there to bed. Colorado will receive $385 million from Johnson & Johnson and the drug distributors McKesson (NYSE:MCK), AmerisourceBergen (NYSE: ABC) and Cardinal Health (NYSE:CAH). Nevada will receive nearly $285.2 million as part of the overall settlement, which is earmarked…
Johnson & Johnson, other companies to pay $26B over opioid crisis
California Attorney General Rob Bonta announced a $26 billion settlement with Johnson & Johnson, among other companies, over opioids. The settlement includes Johnson & Johnson, which manufactured and marketed opioids, and pharmaceutical distributors Cardinal, McKesson and AmerisourceBergen. According to a news release, the settlement resolves investigations and litigation over the companies’ roles in creating and…
McKinsey to pay $573M in opioid settlement
The prestigious consulting firm McKinsey has struck a deal with 47 states over its role in the opioid crisis. Notably, the company had advised OxyContin manufacturer Purdue Pharma (Stamford, Conn.) on “turbocharging” opioid sales. The pharma company had worked with McKinsey for 15 years. The Justice Department concluded that McKinsey helped manage a Purdue Pharma…
DOJ sues Walmart over its alleged role in opioid crisis
The Trump administration sued Walmart (NYSE: WMT), faulting the company for filling prescriptions from “pill-mill” physicians. The Justice Department lawsuit also alleges that Walmart attempted to maximize profits by understaffing pharmacies and emphasizing the quantity of prescriptions over quality control in its 5,000-plus retail locations across the U.S. The U.S. lawsuit also argues that Walmart lacks…
McKesson could pay $8B to settle opioid lawsuits
Medical supply firm McKesson (NYSE:MCK) announced in a quarterly report that it and two other drug distributors could pay as much as $21 billion in opioid lawsuit settlements over 18 years. Under the new proposal, McKessons’s share of the settlements could be $8 billion. Rivals AmerisourceBergen (NYSE:ABC) and Cardinal Health (NYSE:CAH) would pay the remainder…
HHS offering COVID-19 vaccine supply kits
The U.S. Department of Health and Human Services (HHS) recently announced it was gathering supply kits to facilitate a potential mass vaccine effort. FDA has yet to approve a vaccine for COVID-19, and at least five states are planning to require independent verification of vaccines after FDA approval. In the interim, HHS is partnering with…
How much could Operation Warp Speed change pharma, medtech distribution?
A top U.S. Department of Health and Human Services official used an appearance today at a virtual medtech conference to repeat the U.S. government’s astounding goal for its Operation Warp Speed program: start delivering 300 million doses of a safe, effective COVID-19 vaccine by January 2021. The project could revolutionize not only how pharmaceuticals are…
Feds unveil COVID-19 vaccine distribution plan
The Trump administration today released a plan to distribute an eventual COVID-19 vaccine free of charge, initially to targeted groups and more broadly as supply increases. The government is planning a phased distribution using a contract awarded to McKesson in August. The first recipients could include: Healthcare personnel likely to be exposed to or treat people…
Feds ink COVID-19 vaccine distro deal with McKesson
The U.S. Dept. of Health and Human Services (HHS) and Defense Dept. (DoD) announced a COVID-19 vaccine distribution deal with McKesson. Under Operation Warp Speed, McKesson will become a central distributor of future COVID-19 vaccines and related supplies needed to administer the pandemic vaccinations, according to a news release. The Centers for Disease Control and…