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US: CVS Health reaches $484m opioid settlement agreement with Florida

US: CVS Health reaches $484m opioid settlement agreement with Florida
US: CVS Health reaches $484m opioid settlement agreement with Florida

Leading American healthcare company, CVS Health Corporation, has reportedly announced that it has entered into an agreement with the State of Florida to resolve decade-long claims regarding opioid medication prescriptions filled at its pharmacies across the state.

According to the agreement, CVS will settle Florida’s opioid claims against it for $484 million, which will be paid over the course of 18 years.

This will result in CVS’s pharmacy chain, CVS Pharmacy, no longer being a defendant in the state’s opioid lawsuit, which has been scheduled for trial next month.

Thomas Moriarty, General Counsel and Chief Policy & External Affairs Officer at CVS Health, stated that it is in the best interest of all the parties involved to put these claims behind so that the company can focus on providing its consumers a healthcare experience that is connected and personalized.

Moriarty added that CVS Health looks forward to continuing its longstanding partnership with Florida and providing various solutions, services, and programs to help curb the use of illegal opioid medications.

It is expected that the State of Florida will use the settlement amount towards supporting its efforts to combat opioid abuse and addiction.

However, the settlement with Florida does not include CVS admitting to any wrongdoing, and the company will continue defending itself against other opioid-related lawsuits.

Because of the unique facts and circumstances of Florida’s claim, the settlement value shall not be allowed for extrapolation in other litigations related to opioids that involve CVS Health.

The settlement agreement also involves two more healthcare and pharma companies, namely Allergan PLC and Teva Pharmaceuticals Industries Ltd.

Ashley Moody, Florida Attorney General, said that Allergan has agreed on paying over $134 million, while Teva will be paying $195 million, along with $84 million worth of its overdose-reversal drug Narcan to the state.

The news comes after a historic $26 billion opioid settlement agreement was reached in the US against Johnson & Johnson, McKesson, AmerisourceBergen, and Cardinal Health by several local and state governments in February.

Source credit: https://www.prnewswire.com/news-releases/cvs-health-reaches-opioid-settlement-agreement-with-state-of-florida-301513394.html

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Vinisha Joshi

Vinisha Joshi

Despite graduating with an engineering degree in electronics and communication, Vinisha Joshi chose the road less travelled, and decided to pursue her career in content writing . Currently, she pens down articles for cuereport.com and a few other distinguished news platforms, pertaining to business and finance.