Sackler family net worth

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Work crews are soon likely to be busy removing the name of the Sackler family from academic, medical and cultural buildings in various locations in the United States and across the world. At the same time, lawyers will be at work in erasing the family from the titles of scholarships and fellowship programmes they have endowed. For years universities, museums and other institutions accepted tens of millions of dollars from the billionaire Sackler family, owners of Purdue Pharma, the manufacturer of the prescription painkiller OxyContin. However, the company faced widespread allegations that it had fuelled the opioid epidemic in the United States by aggressively marketing the drug while downplaying the prospects of patients becoming addicted. Purdue is alleged to have knowingly misled doctors about how addictive OxyContin was, causing many patients to become hooked on opioids. In , it sought bankruptcy protection as litigation against it piled up. Some patients later turned to illegal drugs such as heroin, sometimes laced with dangerously potent fentanyl, causing even greater damage.

Sackler family net worth

Women's Health may earn commission from the links on this page, but we only feature products we believe in. Why Trust Us? The new Netflix limited series Painkiller explores the story behind the U. It also dives into how Richard Sackler, a doctor and president of Purdue Pharma OxyContin's manufacturer , was reportedly aware of the prescription medication's highly addictive nature—and produced the drug anyway. On the show, Matthew Broderick plays the role of Sackler. So, who is Richard Sackler, and where is he now? The Sacklers are the owners of Purdue Pharma, a pharmaceutical company whose main drug is Oxycontin, an opioid, per Forbes. Almost all 50 states have filed lawsuits against Purdue and Sackler family members for their alleged roles in the opioid crisis. Richard Sackler is an M. Sackler got his B.

US House Of Representatives, sackler family net worth. Almost all 50 states have filed lawsuits against Purdue and Sackler family members for their alleged roles in the opioid crisis. The Sacklers are the owners of Purdue Pharma, a pharmaceutical company whose main drug is Oxycontin, an opioid, per Forbes.

The pharmaceutical company behind OxyContin spent the past decade in crisis as lawsuits over its role in the opioid crisis piled up, but the billionaire family that owns it only got richer. The source of the family's wealth is OxyContin, the prescription painkiller made by Purdue Pharma that many say has fueled the US opioid crisis. Purdue Pharma filed for bankruptcy in September as part of a tentative settlement agreement in thousands of lawsuits over what accusers say is misleading marketing of the controversial painkiller. They owned Purdue Pharma , a pharmaceutical company in Connecticut. More than people in the US die each day after overdosing on opioids, including prescription pain relievers, heroin, and synthetic opioids such as fentanyl, according to the National Institute of Drug Abuse. The Sackler family still completely owns the company, and the multibillion-dollar fortune is shared among 20 or so family members.

The publication explored some of the wealthiest families in America and how they made their money. Forbes excluded individual billionaires, like Elon Musk, who are credited with the entire family fortune and appear on The Forbes list of the richest Americans. The number of family members is an estimate of the living descendants, according to the publication. The Duncan family owns roughly one third of the stock in pipeline behemoth Enterprise Product Partners, cofounded by the late Dan Duncan in , according to Forbes. The Hunt family's fortune originates with oil wildcatter H. Today, the heirs own fortunes ranging from energy, real estate and sports; sons Ray Lee and W. Herbert own Hunt Oil and Petro-Hunt. Florence Butt founded the company in after her husband was diagnosed with tuberculosis and was unable to work. Her son Howard Butt took over in the s and expanded the company across Texas, renaming it the H.

Sackler family net worth

One thing history teaches us is that certain tragedies are avoidable. One of those is the opioid crisis, declared an emergency in the United States. Both the Hulu series Dopesick and Netflix's Painkiller take us inside the crisis and the family who started it all. A looming shadow of the greed that pervades America. Made up of over 40 members between descendants from the three original Sackler brothers, its wealth and heirs now span several generations. The oldest of the three brothers, Arthur, passed away in before OxyContin was even invented. However, he did spearhead the evolution of pharmaceutical advertising, as well as the marketing of Librium and Valium. As a doctor, he wanted to move away from the more intrusive treatments of the s, such as electroshock therapy, which is why he was a staunch supporter of prescription medicine. On the other hand, a lot of the current opioid endemic can be traced back to his practices.

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The money will be used to help alleviate the drug crisis that has led to nearly , U. Skin Care. Republican Alabama governor signs IVF protections into law. For years universities, museums and other institutions accepted tens of millions of dollars from the billionaire Sackler family, owners of Purdue Pharma, the manufacturer of the prescription painkiller OxyContin. She Media. Women's Health may earn commission from the links on this page, but we only feature products we believe in. Sign up. Purdue itself will no longer exist as part of a future restructuring under the deal. Much of this is likely to be used to tackle the overall opioid crisis with the introduction of new treatment and prevention programmes. Sackler joined Purdue Pharma in as an assistant to his father Raymond, who was president of the company at the time. Footwear News.

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Meanwhile, Taylor Kitsch plays a mechanic who, after getting injured on the job, is prescribed OxyContin, which traps him in a vicious cycle of addiction. Visit Business Insider's homepage for more stories. The Sackler family is one of the richest families in the US. At the same time, lawyers will be at work in erasing the family from the titles of scholarships and fellowship programmes they have endowed. In response to criticism related to her family background, she said she had "never worked at the company or had any influence in it. On the show, Matthew Broderick plays the role of Sackler. The Hollywood Reporter. The vast majority of the Sackler fortune comes from a well-known prescription painkiller that Purdue Pharma launched in , OxyContin. Elizabeth, a board member of the Brooklyn Museum, where she endowed the Elizabeth A. More stories by Sophie. Mortimer Sackler, the middle son who was one of Purdue Pharma's chief executives, died in at age Purdue Pharma will cease to exist under the court deal. Katie Warren and Taylor Nicole Rogers.