CVS, Walgreens in $10.7B opioid settlement with attorneys general

Oregon Attorney General Rosenblum, along with "many" attorneys general across the country, announced a national agreement with CVS Health (CVS) and Walgreens Boots Alliance (WBA) for the pharmacies’ conduct in fueling the opioid epidemic. Under the agreements, CVS will pay $5B and Walgreens will pay $5.7B, totaling $10.7B. A certain number of states will need to sign onto the agreements for the full amount to be distributed, Rosenblum said in a statement. In addition to the financial settlement, CVS and Walgreens have agreed to court-ordered injunctive relief that requires the pharmacies to monitor, report, and share data about suspicious activity related to opioid prescriptions. The terms of these agreements will now go to the states for their review. Each state will have until the end of 2022 to join, after which the Walmart (WMT), Walgreens, and CVS agreements will go to local governments around the country for sign-on during Q1 of 2023. A sufficient percentage of states and local governments must join the settlements for them to go into effect, Rosenblum pointed out. Most of Walmart’s amount will be paid during the first year; CVS’s payments will be spread over 10 years; Walgreens’ payments will be spread over 15 years. If there is sufficient sign-on, payments will begin during the second half of 2023, according to Rosenblum. Reference Link