A coalition of 30 state treasurers, pension funds, and faith-based groups are filing shareholder proposals asking 10 drug makers and distributors to investigate how these companies are responding to the increased business risks caused by the opioid crisis.
In announcing their plans, the coalition noted that drug makers are coming under increasing “legal and legislative scrutiny” for allegedly failing to disclose the addictive potential of opioid painkillers, and that distributors are being pressured to do a better job of reporting suspicious orders to state and federal authorities.
“We have witnessed, firsthand, the ravages of opioid misuse in the communities in which we serve and believe corporations must play an important role in responding to this crisis. Improved oversight and risk management structures to prevent opioid misuse are an essential first step in this response,” said Donna Meyer of Mercy Investment Services, the asset manager for the Sisters of Mercy, in a statement.
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Purdue Pharma is conspicuous in absence here. J&J has been out of the opioid biz for several years, yet are included.
Overwhelmingly, the volume of Rx’s (and so the most abused opioids) are generics. I see Mylan here, but there are certainly other generic companies heavily involved (like Teva I believe). Again, curious about the rationale for who is included and excluded. Insights to explain would be appreciated.
Hi TW,
I do not know why Teva was not included, however Purdue Pharma is not publicly traded. It is privately owned. The proposals involve publicly traded companies.
Regards,
ed at pharmalot