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Purdue Pharma, maker of OxyContin, files for bankruptcy
Some critics say the move is designed to shield those who profited from the dangerous drug.
- Purdue Pharma is facing thousands of lawsuits that allege the decades-old drug company misleadingly marketed the opioid OxyContin.
- On Sunday, Purdue filed for bankruptcy after reaching a tentative settlement deal with some of the parties suing the company.
- The deal, which some plaintiffs have already rejected, calls for a potential payout of up to $12 billion and for the company to restructure itself.
Purdue Pharma LP — the company that makes the controversial painkiller OxyContin — has filed for bankruptcy protection, a move that temporarily halts thousands of lawsuits against the drug company from more than 2,600 cities, counties, and other parties. Those plaintiffs have accused Purdue of misleadingly marketing OxyContin as it fueled the American opioid crisis, which has killed more than 400,000 people over the past two decades.
Days before the bankruptcy filing, Purdue reached a tentative settlement deal with some of the parties suing the company. That deal could pay out up to $10 to $12 billion over the following years, and it also calls for Purdue to restructure itself into something called a public benefit trust, in which profits earned from OxyContin and other drugs would go toward plaintiffs' claims and the development of medicines to fight drug addiction.
"This unique framework for a comprehensive resolution will dedicate all of the assets and resources of Purdue for the benefit of the American public," Steve Miller, chairman of Purdue's board of directors, said in a statement. "This settlement framework avoids wasting hundreds of millions of dollars and years on protracted litigation, and instead will provide billions of dollars and critical resources to communities across the country trying to cope with the opioid crisis."
The deal also requires the Sackler family, Purdue's owners and one of the wealthiest families in the U.S., to pay plaintiffs $3 billion over seven years and to give up control of the company. Twenty-four states and some 2,000 local governments have agreed to the deal so far.
But other states, including New York, Massachusetts, and Washington, D.C., have rejected the deal, arguing that Purdue is unjustly avoiding liability and that the settlement won't actually pay out $12 billion over time.
In an op-ed for The Washington Post, Maura Healey, attorney general of Massachusetts, echoed these reasons for rejecting the deal, which she characterized as a "ploy that's offensive to families who have lost loved ones to this epidemic."
"I rejected the settlement because it doesn't tell the truth about what happened," she wrote. "Families deserve to know what Purdue and its executives and directors knew, and what they did. The evidence — their emails, business plans, board minutes, all of it — should be put on the Internet for all to see. Purdue and the Sacklers have fought for years to keep the facts secret. Under their proposal, the story could stay hidden forever.
I also turned down their proposal because neither the company nor its leadership admit they did anything wrong. That's not accountability."
Miller suggested there's no alternative, and said the company doesn't plan to admit wrongdoing.
"The alternative is to not settle but instead to resume the litigation," he said on a call with reporters. "The resumption of litigation would rapidly diminish all the resources of the company and would be lose-lose-lose all the way around. Whatever people might wish for is not on the table now."
But Healey and others suggest there is something on the table: the Sackler family's personal wealth.
"Purdue's bankruptcy filing is the company's latest tactic to protect the Sackler fortune," she wrote in her op-ed. "It won't work. Our case against the company and the Sacklers will end, but not this week and not on their terms. We started this fight, and we will end it with accountability and justice."
Innovation in manufacturing has crawled since the 1950s. That's about to speed up.
Here's why you might eat greenhouse gases in the future.
- The company's protein powder, "Solein," is similar in form and taste to wheat flour.
- Based on a concept developed by NASA, the product has wide potential as a carbon-neutral source of protein.
- The man-made "meat" industry just got even more interesting.
Seriously sustainable<img type="lazy-image" data-runner-src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8xOTk0MDIzNS9vcmlnaW4ucG5nIiwiZXhwaXJlc19hdCI6MTYyMjM4NTMzMX0.BCEfYnn6C3z1zUHIS38xOWjXktgamNBi5iyqklSMYK8/img.png?width=980" id="ea524" class="rm-shortcode" data-rm-shortcode-id="50533380eeb18eb5833b6b6aa3abec38" data-rm-shortcode-name="rebelmouse-image" />
Image source: Solar Foods<p>Solar Foods makes Solein by extracting CO₂ from air using <a href="https://www.fastcompany.com/90356326/we-have-the-tech-to-suck-co2-from-the-air-but-can-it-suck-enough-to-make-a-difference" target="_blank">carbon-capture technology</a>, and then combines it with water, nutrients and vitamins, using 100 percent renewable solar energy from partner <a href="https://www.fortum.com" target="_blank">Fortum</a> to promote a natural fermentation process similar to the one that produces yeast and lactic acid bacteria.</p><p>When the company claims its single-celled protein is "free from agricultural limitations," they're not kidding. Being produced indoors means Solar Foods is not dependent on arable land, water (i.e., rain), or favorable weather.</p><p>The company is already working with the European Space Agency to develop foods for off-planet production and consumption. (The idea for Solein actually began at NASA.) They also see potential in bringing protein production to areas whose climate or ground conditions make conventional agriculture impossible.</p><p>And let's not forget all those <a href="https://www.bk.com/menu-item/impossible-whopper" target="_blank">beef-free burgers</a> based on pea and soy proteins currently gaining popularity. The environmental challenge of scaling up the supply of those plants to meet their high demand may provide an opening for the completely renewable Solein — the company could provide companies that produce animal-free "meats," such as <a href="https://www.beyondmeat.com/products/" target="_blank">Beyond Meat</a> and <a href="https://impossiblefoods.com" target="_blank">Impossible Foods</a>, a way to further reduce their environmental impact.</p>
The larger promise<img type="lazy-image" data-runner-src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8xOTk0MDI0MS9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTY1NjU4MTg2OX0.7dZZYT5WEV_EupBuLVFwHynarTiz8RYR9aJtC6Ts2C4/img.jpg?width=980" id="3415d" class="rm-shortcode" data-rm-shortcode-id="2e6eebe06d795f844752f9e9d30040d7" data-rm-shortcode-name="rebelmouse-image" />
Image source: Solar Foods<p>The impact of the beef — and for that matter, poultry, pork, and fish — industries on our planet is widely recognized as one of the main drivers behind climate change, pollution, habitat loss, and antibiotic-resistant illness. From the cutting down of rainforests for cattle-grazing land, to runoff from factory farming of livestock and plants, to the disruption of the marine food chain, to the overuse of antibiotics in food animals, it's been disastrous.</p><p>The advent of a promising source of protein derived from two of the most renewable things we have, CO₂ and sunlight, <a href="https://solarfoods.fi/environmental-impact/" target="_blank">gets us out of the planet-destruction business</a> at the same time as it offers the promise of a stable, long-term solution to one of the world's most fundamental nutritional needs.</p>
Solar Foods' timetable<img type="lazy-image" data-runner-src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8xOTk0MTEzMS9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTU5OTU1OTMwMn0.wnXh56iO_77x2XKV2uIPf78BKw4AJLUpmiyq_JBVGvo/img.jpg?width=1245&coordinates=172%2C146%2C62%2C135&height=700" id="0297c" class="rm-shortcode" data-rm-shortcode-id="125c9a98ec818f5c241fa28ef1423e67" data-rm-shortcode-name="rebelmouse-image" />
Image source: Lubsan / Shutterstock / Big Think<p>While company plans are always moderated by unforeseen events — including the availability of sufficient funding — Solar Foods plans a global commercial rollout for Solein in 2021 and to be producing two million meals annually, with a revenue of $800 million to $1.2 billion by 2023. By 2050, they hope to be providing sustenance to 9 billion people as part of a $500 billion protein market.</p><p>The project began in 2018, and this year, they anticipate achieving three things: Launching Solein (check), beginning the approval process certifying its safety as a Novel Food in the EU, and publishing plans for a 1,000-metric ton-per-year factory capable of producing 500 million meals annually.</p>
The protein powder Solein. Image source: SOLAR FOODS
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