Introduction to the Sackler Family’s Ties to OxyContin
The Sackler family, known for their philanthropic efforts, is also famously linked to Purdue Pharma – the producer of the widely-used opioid painkiller, OxyContin. Released in 1995, OxyContin, touted as a revolutionary pain medication, brought in billions in revenue and positioned the Sacklers as pharmaceutical magnates.Previous
The Rise and Controversy of OxyContin
Purdue Pharma marketed OxyContin as a safer and less addictive pain medication. However, as the drug’s popularity surged, it became clear that it was a key contributor to the opioid addiction and overdose crisis.
Deceptive Marketing Allegations
Lawsuits against Purdue Pharma claimed the company and the Sackler family misled the public about OxyContin’s addiction risks. The 2007 case against Purdue Frederick Company Inc., an affiliate of Purdue Pharma, ended in a guilty plea and a whopping $600 million fine for the misleading representation of the drug’s risks.
Bankruptcy and Proposed Settlements
Facing a wave of lawsuits from states, cities, and affected individuals, Purdue Pharma filed for Chapter 11 bankruptcy in 2019. The proposed settlement suggests transforming the company into a public benefit entity, redirecting proceeds towards combatting the opioid epidemic.
The Sackler Family’s Personal Contribution
As part of the proposed settlement, members of the Sackler family agreed to contribute billions from their personal wealth, emphasizing their commitment to address the crisis.
The Legacy of the Opioid Epidemic
The Sackler family’s connection to the opioid crisis has spurred debates and led various institutions to reconsider their association with the name. The opioid epidemic’s devastating ripple effect is a painful reminder of the pharmaceutical industry’s immense power and responsibility..