Elite Pharmaceuticals Inc (ELTP)

[WeeZuhl]

Walgreens, CVS Reach $ 10 Billion Deal Over Opioids

Wall Street Journal Headline Today


Sometimes it is more prudent being safe than sorry!!!\

Yeah I sure am glad we aren't getting $50M annual revenue by selling the safe, effective, well-regulated pharmaceuticals that we spent multiple years and millions of dollars developing. BTW, did Elite Pharma ever do anything like CVS? These corporate behaviors are reprehensible, and these companies damn well should be held accountable for the damage that was done. Elite Pharma had nothing to do with it, but Elite shareholders are left holding the bag.

https://www.kentucky.gov/Pages/Activity-stream.aspxn=AttorneyGeneral&prId=1069

“During the height of the opioid epidemic, CVS allowed millions of dosage units of opioids to flood Kentucky’s borders, fueling the crisis and devastating thousands of families and communities across the Commonwealth,” said Attorney General Cameron. “As both distributor and pharmacy, CVS was in a unique position to monitor and stop the peddling of these highly-addictive drugs from their stores, yet they ignored their own safeguard systems. By bringing this lawsuit on behalf of the people of Kentucky, we are holding CVS accountable for these decisions and for contributing to a man-made crisis that tragically led to the loss of life of thousands of Kentuckians.”

CVS maintained over 100 separate license numbers in the Commonwealth as a “wholesaler,” “out-of-state pharmacy,” and “retail pharmacy.” Between 2006 and 2014, CVS pharmacies in Kentucky purchased more than 151 million dosage units of oxycodone and hydrocodone from its own distribution centers and third-party distributors, accounting for nearly 6.1 percent of the total dosage units in the Commonwealth during this time.

One CVS store, located in Perry County, purchased over 6.8 million dosage units of oxycodone and hydrocodone from 2006 to 2014, which was enough opioids for every man, woman, and child in the county to have over 26 pills every year during the same period. A CVS in Crittenden County bought over 2.8 million dosage units of the drugs, enough to supply everyone in the county with over 34 pills every year.

The lawsuit argues that because CVS had a dual role in the opioid supply chain as a distributor and pharmacy, the company’s compliance with the law “was vital to safeguard consumers and control the rate of addiction, abuse, and diversion of opioids.” CVS had access to prescription opioid dispensing data for all of the company’s Kentucky pharmacies, including information revealing the size, frequency, dose, and combinations of prescriptions filled by each pharmacy.

Despite supplying staggering quantities of opioids in Kentucky, CVS reported zero suspicious orders for its Kentucky stores from 2007 to 2014.