Jerusalem’s Teva Pharmaceutical found guilty of fuelling opioid addiction in New York



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Jerusalem’s Teva Pharmaceutical found guilty of fuelling opioid addiction in New York

Teva Pharmaceutical Industries Ltd., a Jerusalem-based Israeli multinational pharmaceutical company, had been found guilty of flaring up an opioid epidemic in the US state of New York, a Jury board had ruled on Thursday and dealt a fatal blow to Teva which had already been languishing amid hundreds of opioid-associated lawsuits across the United States.

In point of fact, Thursday’s verdict on Teva’s alleged role in fuelling up an opioid crisis followed a roughly six-month long trial in a New York state court, while the case was initially filed by the State alongside two counties of New York.

Nevertheless, the Jury board had discussed over the issue more than a week before reaching a conclusive verdict, though the verdict did not release a total in fiscal penalties or damages which would more likely to be determined in a future date.

Followed by the decision, NYSE-listed shares’ prices of Teva Pharmaceuticals tumbled as much as 7 per cent in afternoon trading, though had wrapped up the day’s Wall Street 6.29 per cent lower to $7.90 apiece.

Teva found guilty of fuelling up Opioid epidemic in the US

If truth is to be spoken, in a separate trial related to Perdue Pharma’s role in spreading a potentially lethal opioid epidemic in the United States since early 2000s, a Judge had been quoted saying earlier in the year that at least an American had been dying in every fifteen minutes from opioid overdose, while a least 200,000 US nationals had reportedly died from opioid overdoses over past two decades.

More than a million Americans are still suffering from an opioid epidemic, which is believed to have occurred through illicit marketing policies of opioid containing painkillers from a syndicate of heavyweight US pharmaceuticals, media headlines had reiterated multiple times throughout the year as a number of US states had joined forces in a bid to wrestle the potentially lethal opioid epidemic.

Meanwhile, followed by the Jury board verdict, New York Attorney General Letitia James, one of the most active voices against pharmaceuticals’ move to illlicitly market opioid containing painkillers, said in a statement, “The outcome…a significant day…for the state and for every family and community torn apart by opioid”.