Walmart declared intentions to settle lawsuits brought by state and municipal governments throughout the United States over the toll of potent prescription opioids marketed at its pharmacies.
In a report by The Guardian, the announcement of a $3.1 billion offer was revealed on Tuesday, Nov. 15.
It follows similar cases on Nov. 2 involving the two biggest US drugstore chains, CVS Health and Walgreen Co., in which each company stated they would pay around $5 billion.
Walmart, headquartered in Bentonville, Arkansas, issued a statement expressing their strong disputing of claims made in lawsuits filed by state and municipal governments that its pharmacies illegally supplied the potent prescription medicines.
With the settlement agreement, the firm is not admitting any wrongdoing.
Opioid Problem
New York Attorney General Letitia James published a press release requiring the corporation to implement new monitoring methods. This, according to her, must be designed to reduce the likelihood of prescription fraud, as well as identify and report suspicious prescriptions.
James said the opioid problem has been harming New York and American neighborhoods for decades. It is indisputable that big pharmacies like Walmart contributed to the damage caused by opioids, so the authorities hold them responsible.
The Guardian reported that no amount of money would compensate for the loss of life and the destruction of property. Still, the $2.1 billion given to New York people will help begin the long process of recovery, rebuilding, and strengthening its defenses against such disasters in the future.
Proposed Settlement
If a settlement is reached, local government attorneys pointed out that the company will pay most of it within a year.
These agreements result from discussions with attorneys general from many states. However, they have not yet been ratified.
A majority of state and municipal governments would need to approve the CVS and Walgreens deals before they could go through. Similarly, Walmart would need approval from 43 different jurisdictions.
As per The Guardian, this procedure has yet to start formally.
Overdose Epidemic
More than 500,000 people in the US have died from opioid overdoses in the last two decades.
The major pharmacies have joined some of the largest drugmakers and drug distributors in resolving complicated lawsuits over their alleged participation in this crisis.
Almost the last several years, over $50 billion has been settled, with the greater part going to governments to utilize in their fight against the crisis.
Drugs like OxyContin and generic oxycodone were involved in the majority of fatal opioid overdoses in the 2000s. Addicts moved to more lethal heroin when the government, medical professionals, and pharmaceutical firms made restrictions on access to prescription opioids.
Deaths from opioid overdoses have reached historic highs, hovering around 80,000 cases annually in recent years.
Fentanyl, a highly potent opioid, is showing up in the US drug supply and is responsible for most of these fatalities.
This article is owned by Tech Times
Written by Trisha Kae Andrada
