Purdue Pharma
Purdue Pharma
Purdue Pharma L.P. is an American privately-held pharmaceutical company known primarily for producing and marketing medications to treat pain. The company has been in the limelight due to controversies surrounding its aggressive marketing of the painkiller OxyContin.
Overview
Founded by physicians, Purdue Pharma has been deeply involved in pain research and has introduced several medicines to the market. However, its marketing practices, particularly for OxyContin, have raised ethical and legal concerns.
History
- 1892: Founded by medical doctors John Purdue Gray and George Frederick Bingham in New York City.
- 1952: The company was sold to Raymond and Mortimer Sackler.
- 1995: Purdue Pharma introduced OxyContin, an extended-release formulation of oxycodone, which quickly became the company's flagship product.
- 2000s-2010s: The company faced numerous lawsuits regarding the aggressive marketing of OxyContin and its potential role in the opioid crisis.
Controversies
Purdue Pharma has faced significant criticism and legal action over its marketing of OxyContin. Many allege that the company downplayed the drug's addiction risks and contributed to the opioid epidemic in the United States.
Legal Settlements
Throughout the 2000s and 2010s, Purdue Pharma settled multiple lawsuits with many states in the U.S., agreeing to pay billions of dollars. These settlements often came with an agreement that the company did not admit to any wrongdoing.
Bankruptcy and Restructuring
In 2019, Purdue Pharma filed for Chapter 11 bankruptcy as part of a strategy to settle the numerous lawsuits it faced regarding OxyContin. The plan included the restructuring of the company and significant financial contributions to combat the opioid crisis.
Products
Apart from OxyContin, Purdue Pharma has developed and marketed several other medications throughout its history, spanning different therapeutic areas.
See Also
References
- [1] "Purdue Pharma: An Overview". Purdue Pharma Corporate Website.
- [2] "The Role of Purdue Pharma in the Opioid Crisis". Journal of American Medicine.
- [3] "Purdue Pharma's Settlements Over the Years". Legal Archive.
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