Teva Pharmaceutical Industries Ltd. has agreed to resolve accusations that its marketing of opioid medications increased the operational expenses of U.S. hospitals by up to $126 million over 18 years.
The Israeli pharmaceutical company Teva also agreed to provide $49 million worth of the overdose-reversing medicine naloxone as part of the proposed settlement, which was announced in Teva's quarterly earnings report.
About 500 American hospitals and other healthcare organisations had sued Teva over opioids, according to Teva, and the deal wouldn't be finalised until the corporation was convinced that enough institutions were willing to participate.
Teva did not specify which hospitals were included by the proposed settlement, and an inquiry for comment was not promptly answered by a company representative. It was not possible to reach the attorney representing hospitals in the opioid mass tort case in Ohio federal court in time for a response.
More than $50 billion in settlements have already been made in opioid-related lawsuits against drugmakers, pharmacies, and distributors, most of which were brought by state, municipal, and Native American tribe governments. One such settlement, a $4.35 billion one, was struck by Teva last year.
The claims contend that drug manufacturers minimised the hazards associated with their products and that distributors and pharmacies failed to stop them from being transferred to the black market.
Fentora, a brand-name fentanyl-based medication sold by Teva, was formerly known as Actiq and is used to relieve breakthrough cancer pain. It also produces generic opioid medications.
According to data from the U.S. Centers for Disease Control and Prevention, there were more than 564,000 opioid overdose fatalities in the country from 1999 to 2020, and the number of overdose deaths has continued to grow since then.
