In a substantial move toward addressing the opioid crisis, Tennessee Attorney General Jonathan Skrmetti has joined forces with his counterparts across 55 jurisdictions to finalize a $7.4 billion settlement with Purdue Pharma and the Sackler family. According to the Tennessee Attorney General's Office, this agreement aims to settle the myriad of litigations accusing the pharmaceutical giant and its owners of their role in exacerbating the country's drug crisis.
"No sum of money can ever fix the devastation inflicted by Purdue Pharma and the Sackler family," Skrmetti remarked in a sobering statement backed by the reality of the situation. The agreement, which now awaits the nod of local governments following the state sign-on completion, is contingent on pending bankruptcy court proceedings. A hearing is anticipated in the next days to address this matter, signaling the potential for more definite actions forthcoming.
Purdue Pharma, under the Sackler's control, manufactured and vigorously promoted opioid products for many years, greatly contributing to the national drug epidemic. This settlement effectively concludes their involvement in opioid sales within the United States. It also stipulates that over the next 15 years, communities nationwide will receive funds designated for addiction treatment, prevention, and recovery programs. Tennessee anticipates an inflow of over $90 million from this agreement in the said timespan.
The majority of settlement funds are set to be distributed within the initial three years. The Sacklers have committed to a $1.5 billion payment, while Purdue is earmarked to contribute roughly $900 million in the first payment, followed by an additional $500 million after one year, another $500 million after two years, and $400 million after three years. Such financial distributions are critical in supporting the long-term recovery and prevention efforts required by communities torn apart by addiction and loss.
