is purdue pharma still in business
Yes! In fact Purdue Pharma is still in business! However, in bankruptcy. The Supreme Court has blocked the $6 billion settlement delaying payouts to victims for years.
Purdue Pharma: A Controversial Legacy in the Pharmaceutical World
Purdue Pharma, a name now synonymous with the opioid crisis in the United States. Moreoer, has an intricate history that spans over a century. Established by the Sackler family, the company introduced a series of medical products, with OxyContin being the most infamous. This essay delves into the origins, rise, and controversies surrounding Purdue Pharma, offering a comprehensive look at its multifaceted journey.
Origins and Early Years
Purdue Pharma L.P., founded in 1892 by medical doctors John Purdue Gray and George Frederick Bingham in Manhattan as The Purdue Frederick Company. Initially, the company would not become predominantly involved in pain medication. Furthermore, it wasn’t until the 1950s, when the Sackler brothers. Arthur, Mortimer, and Raymond. Thus, acquired the company, and started moving towards becoming a significant player in the pharmaceutical industry.
Innovations and Successes : is purdue pharma still in business
Under the leadership of the Sacklers, Purdue Pharma introduced several medical products, including laxatives and earwax removers. However, its true claim to fame came with the release of the extended-release morphine drug MS Contin in the 1980s. MS Contin’s patent expiry in the 1990s led the company to search for a new revenue source, which paved the way for the introduction of OxyContin in 1995.
OxyContin: A Double-Edged Sword
OxyContin, a time-released formulation of oxycodone. Marketed as a revolutionary painkiller with a low risk of addiction due to its extended-release formulation. Aggressive marketing campaigns emphasized its safety, leading to widespread prescriptions and substantial profitability.
However, as the years progressed, it became evident that OxyContin had a high potential for addiction and abuse. The extended-release formula could become easily bypassed by crushing or dissolving the pills, leading to an intense, immediate high.
Legal Battles and Controversies
By the early 2000s, the dark side of OxyContin became increasingly apparent, as reports of addiction and overdose cases began to surge. The situation escalated to the point where Purdue Pharma faced multiple lawsuits:
- 2007 Settlement: In a landmark case, Purdue Pharma pleaded guilty to misleading the public about OxyContin’s risk of addiction and agreed to pay $600 million in one of the largest pharmaceutical settlements in U.S. history.
- Subsequent Lawsuits: Despite the 2007 settlement, lawsuits kept pouring in from states, counties, and individuals. They accused the company and the Sackler family of playing a pivotal role in fueling the opioid epidemic in the U.S.
Bankruptcy and Rebranding
Facing mounting legal fees and potential settlements, Purdue Pharma filed for Chapter 11 bankruptcy in 2019. As part of its proposed resolution for the myriad of lawsuits, the company unveiled plans to transform into a public trust entity. This would ensure its profits from OxyContin and other drugs go towards combating the opioid crisis, a move seen by many as a step toward redemption.