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Israel’s Largest Pharma Co Proposes $15B Deal to Settle Opioid Lawsuits

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Israel's leading pharmaceutical company has proposed to give away over $15 billion dollars of generic drugs to settle claims of its alleged contribution to the US opioid crisis, Bloomberg reported on Wednesday.

Edited by: JV Staff

Israel’s leading pharmaceutical company has proposed to give away over $15 billion dollars of generic drugs to settle claims of its alleged contribution to the US opioid crisis, Bloomberg reported on Wednesday.

The proposed settlement comes only days ahead of a milestone federal trial in Cleveland, Ohio, against Teva and five other drug distributors. The trial is scheduled to begin on Monday.

“Teva recognizes the devastating impact to communities across the US as a result of illegal drug use and the misuse and abuse of opioids that are available legally by prescription. Teva continues to advocate for collaborative solutions throughout the country,” the company admitted in a statement.

Since 1999, approximately 400,000 Americans have died from an opioid overdose, including prescription and illicit opioids.

Teva Pharmaceutical Industries Ltd. has been developing and producing medicines for more than a century. It is a global leader in generic and specialty medicines with a portfolio consisting of over 35,000 products in nearly every therapeutic area.

In May of this year, the Jewish Voice reported that Teva Pharmaceuticals USA and related affiliates of Teva Pharmaceutical Industries Ltd. agreed to pay $85 million to the state of Oklahoma in order to bring to end a lawsuit in which it was accused of expanding that state’s opioid epidemic, according to Oklahoma’s attorney general.

While the money will go to the state once it’s received, according to a statement released by Oklahoma’s Attorney General Mike Hunter. The funds will then be used to abate the opioid crisis in Oklahoma.

Earlier this year, Teva was also involved in a price-fixing scandal. The firm is accused of artificially boosting prices of drugs, sometimes as high as 1,000%.

“The fraud is estimated to have cost taxpayers several billion dollars. Led by Connecticut’s attorney general, more than 40 states are now pursuing legal action against Teva and other drug companies involved in the scandal, which touched more than 100 drugs,” reported i24news.tv.

As Teva pointed out in its own statement, the settlement “does not establish any wrongdoing on the part of the company; Teva has not contributed to the abuse of opioids in Oklahoma in any way. The company has resolved this matter in a way that benefits the people who have suffered from abuse of opioids and to help stop the effects of the opioid crisis. Teva continues to keep the long-term stability of the company at the forefront.”

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