NEVADA – Nevada Attorney General Aaron D. Ford has announced that Teva Pharmaceuticals will pay approximately $193 million to the state as part of a settlement related to its involvement in the opioid epidemic. This settlement brings the total amount of opioid litigation-related funds received by Nevada’s Office of the Attorney General to $856 million.
The settlement includes annual payments from Teva to Nevada starting in July 2024 and continuing through July 2043. These payments will increase over time, ranging from $7 million initially to $27 million in 2042. The funds will be divided between the state and the signatories of the One Nevada Agreement on Allocation of Opioid Recoveries.
In addition to the financial relief, the settlement includes injunctive relief measures aimed at preventing the misuse of opioids. Teva is required to implement various restrictions, such as banning the promotion and financial incentives for opioids, funding to third parties that promote opioids, and imposing lobbying restrictions. The company must also develop monitoring programs, including for off-label use of opioids, and provide regular training to its employees.
The One Nevada Agreement on Allocation of Opioid Recoveries establishes a framework for the fair and equitable distribution of funds from opioid-related settlements among the state, counties, and cities in Nevada involved in litigation against opioid companies. This agreement aims to remediate the harms and risks caused by the opioid epidemic in the state.
To address the impacts of opioids, the state created the Fund for a Resilient Nevada in 2021. This fund directs opioid recoveries to support evidence-based programs through the Nevada Department of Health and Human Services. The state has also developed a State Needs Assessment and State Plan to prioritize funding for addressing the effects of opioids throughout the entire state.
AG Ford emphasized that the settlement holds accountable those responsible for contributing to the opioid epidemic and expressed confidence that the funds will aid in Nevada’s recovery and provide support to those affected by the crisis.
Credits: Fox 5 Vegas
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