CVS Health, parent company to Hartford health insurer Aetna, announced Wednesday morning that it has agreed in principle to pay about $5 billion over the next 10 years to resolve all of the opioid lawsuits and claims against the company by various entities.
The Rhode Island-based drug company said it would pay about $4.9 billion to states and political subdivisions – such as counties and cities – and about $130 million to U.S. tribes located throughout the country. The payments – which, as part of the agreement, are not an admission of liability – would begin in 2023.
According to the U.S. Centers for Disease Control and Prevention, there were an estimated 107,622 drug overdose deaths in this country in 2021; more than half were attributed to fentanyl.
CVS Health said in a statement that it has taken initiatives to fight opioid abuse including innovative and comprehensive policies, procedures and controls relating to the dispensing of controlled substances; and the rollout of nearly 4,800 safe medication disposal units in stores and local police departments across the nation.
According to CVS Health, more than 4.5 million pounds of unused medication has been collected.
CVS Health’s Chief Policy Officer and General Counsel Thomas Moriarty said in a statement that “We are pleased to resolve these longstanding claims and putting them behind us is in the best interest of all parties, as well as our customers, colleagues, and shareholders.”
