Purdue Pharma is considering filing for bankruptcy protection as it faces multitudes of lawsuits alleging that it contributed to the ongoing opioid epidemic across the United States.
The privately-owned pharmaceutical company is the manufacturer of OxyContin, a strong prescription medication containing opioid to manage chronic or long-term pain.
According to Reuters, Purdue Pharma is looking into filing for Chapter 11 Bankruptcy to protect its assets and resolve potential liabilities from the lawsuits.
Currently, Purdue Pharma and other pharmaceutical companies selling opioid products are facing nearly 2,000 lawsuits.
U.S. States and cities including Florida, New York, San Francisco, and many others sued Purdue Pharma and other pharmaceutical companies for allegedly fueling the opioid epidemic. The plaintiffs alleged that the defendants used deception in marketing their opioid products—downplaying the risks and overemphasizing the benefits of opioids. As a result, many suffered from opioid addiction and in many cases led to overdose deaths.
