RI-based CVS to pay $5b settlement over opioid painkillers. How RI could use its share.
PROVIDENCE – Rhode Island cities and towns stand to benefit from the $5-billion proposed settlement reached with pharmacy giant CVS Health over the company’s role in the opioid crisis, according to Attorney General Peter F. Neronha’s office.
The Woonsocket-based pharmacy chain announced Wednesday that it had agreed to pay $5 billion over 10 years, while admitting no wrongdoing in its handling of powerful opioid painkillers.
Neronha’s office did not estimate the amount the state is expected to gain, but said it would be a "substantial" sum directed to substance use disorder prevention, treatment and recovery. As with other settlements, the recoveries would be split, with 80% to the statewide abatement fund and 20% directly to the cities and towns.
More:As opioid settlement dollars head out the door in RI, state joins a new $450M agreement
“The ongoing opioid epidemic has taken the lives of thousands of Rhode Islanders over the last decade and has had a devastating impact on their families and friends. The cause of the epidemic lies squarely at the feet of those who drove it, and drove it for one purpose: to make money. No amount of money we recover from opioid manufacturers, distributors, and now large pharmacy chains can undo the harm they have caused,” Neronha said in a statement. “But holding them accountable in this way brings some measure of justice, and the millions of dollars we continue to deliver to Rhode Island can do much to better the lives of residents who continue to suffer from substance use disorder.”
The settlement came as the state experienced a record 435 accidental opioid overdose deaths last year, according to the state Department of Health.
More:Fentanyl is driving overdoses in RI. That's why they hand out Narcan in Kennedy Plaza.
To date the state has recovered more than $250 million in cash, Narcan and suboxone from opioid manufacturers and distributors, Neronha said.
“As I have stated previously, our work to hold all those who have played a role in the opioid crisis accountable continues. To that end, this Office has worked with our counterparts in other states to ensure that large pharmacy chains, including CVS and Walgreens, are held responsible for their conduct in contributing to the public health crisis we continue to face,” he said.
Neronha said he expects to share more details about the additional recoveries in the very near future.
This article originally appeared on The Providence Journal: CVS will pay $5b in opioid settlement. How RI might use its share
