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Money Talks from The Economist

Money talks: Opioid scandal

Money Talks from The Economist

The Economist

News, Business, Economy, Finance & Economics, Business News

4.41.2K Ratings

🗓️ 2 April 2019

⏱️ 22 minutes

🧾️ Download transcript

Summary

Purdue Pharma, a US company which makes OxyContin and is owned by members of the Sackler family, is at the eye of the opioid crisis.  What next for the Sacklers and how similar is this storm to that which faced the tobacco industry in the 1990s? Also, the fading fortunes of European banks and NYC’s $100bn congestion problem. Simon Long hosts

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Transcript

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0:00.0

May I have your attention please you can now book your train tickets on Uber and get

0:08.0

10% back in credits to spend on your next Uber ride so you don't have to walk home in the brain again.

0:15.0

Trains, now on Uber. Coming up on today's show And this is Money Talks on Economist Radio.

0:34.0

Coming up on today's show, The Fading Fortunes of European Banks.

0:38.0

Europe didn't get itself sorted out quickly after the crisis in the same way that the United States.

0:44.0

And New York City's a $100 billion congestion problem.

0:48.0

There's a joke this transport engineer told me this week.

0:51.0

Should we walk or do we have time to take a cab?

0:54.0

But first, you might have seen the family's name etched in stone in art galleries

1:02.2

around the world, but members of the

1:04.2

Sacra family are also behind one of the world's most controversial drugs.

1:08.2

Shame on Sacler! Shame on Sacra! Shame on Sacr!

1:15.0

They're one of the wealthiest families in America.

1:19.0

Several members of the dynasty owned the pharmaceutical companyjou Pharma, which makes the painkiller

1:25.4

OxyContin.

1:27.1

It's an opioid that's twice as strong as morphine and is often cited as one of the drugs primarily

1:32.4

responsible for America's opioid epidemic,

1:35.7

blamed for the deaths of thousands of Americans each year.

1:39.0

Purdue Pharma is facing nearly 2,000 lawsuits in America because of OxyContin.

1:44.0

Several states have successfully sued the company for deceptive marketing tactics.

1:49.0

In 2007, Purdue Pharma agreed to pay $600 million in fines.

1:54.4

And more recently in Oklahoma, it reached a $270 million settlement.

...

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