Currently showing: Funding longer lives


01 Jun 18 14:14

The opioid epidemic in the U.S. continues to produce alarming statistics and has impacted many communities. Early last year, it became a focus of the current administration, who promptly established a Commission to address drug addiction with the goal of finding ways to combat the opioid crisis. 

In the last 18 months, the topic of opioids and opioid related litigation has become more prevalent in our industry. Some may have already seen claims activity begin to ramp up in their portfolios, while others have begun to try to assess theirs for potential exposure. Swiss Re's claims and legal teams found a unique opportunity to collaborate with its clients to help identify, track and assist with efforts to potentially ascertain accumulation risk or to begin dialogue to further help mitigate any future potential exposure.

While the methods and process for mitigating risk differs for many, Swiss Re's publication is a first step in framing the dialogue along data dimensions.


Category: Funding longer lives


5 Comments

Alicia Montoya - 1 Jun 2018, 10 p.m.

Here's a scary thought: The Sackler family (who own Purdue Pharma, the company that developed the prescription painkiller OxyContin which became a blockbuster and kicked off the current opioid epidemic) have come to own the privately held pharma company making the drugs, the pharma ad agency marketing the drugs as safe, an academic paper publishing house assuring doctors the drugs are safe...

“The Sackler empire is a completely integrated operation in that it can devise a new drug in its drug development enterprise, have the drug clinically tested and secure favorable reports on the drug from the various hospitals with which they have connections, conceive the advertising approach and prepare the actual advertising copy with which to promote the drug, have the clinical articles as well as advertising copy published in their own medical journals, [and] prepare and plant articles in newspapers and magazines.”

I'd say much of the blame should lie squarely with them as before their shameless peddling of OxyContin, the profession was careful not to prescribe opiates. They simply can't claim to have thought opiates were safe and not addictive.

Read more in this fabulous New Yorker piece https://www.newyorker.com/magazine/2017/10/30/the-family-that-built-an-empire-of-pain

And yes, I'm still bitter about losing Prince.

Michael Meadows - 4 Jun 2018, 12:44 a.m.

Thanks for the comments. RIP Prince.

Alicia Montoya - 4 Jun 2018, 5:25 a.m.

I'll be interested to read how this develops. Seems to be a huge case for mass class suits against Purdue?

Ramiro Dip - 4 Jun 2018, 9:01 a.m.

Thanks for the comment Alicia.

While this is a very complex topic with multiple angles to it, in the publication we focused on main factors that may influence litigation and the wider insurance community.

Have you checked the Washington Post article 'The drug industry's triumph over the DEA' from 13 Oct 2017? Worth reading.

Kind regards,
Ramiro

Alicia Montoya - 5 Jun 2018, 6:26 a.m.

Not yet but thanks, Ramiro, I will tonight!

Sharing so others can read and comment too: https://wapo.st/2Lo2hB0


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