New York City Mayor Bill de Blasio speaks during a rally against racism in opposition to President Donald Trump's recent comments about Haiti and African nations in Times Square in New York on Monday, Jan. 15, 2018. (AP Photo/Andres Kudacki)
New York city mayor Bill de Blasio accused drug manufacturers of 'murder'. AP Photo/Andres Kudacki

Opioid drug manufacturers accused of ‘murder’ by New York



New York city has accused drug manufacturers of “murder” by pursuing a multimillion dollar campaign of misinformation to persuade patients and prescribers that opioid medicines are safe and effective for widespread use without any evidence.

The city is the latest to launch a lawsuit against Big Pharma as it tries to tackle a deadly epidemic that is costing tens of thousands of lives across the nation.

Civic leaders are borrowing tactics first deployed against Big Tobacco to both recover the costs of a public health emergency and to change corporate behaviour.

New York is seeking $500m in damages from what Bill de Blasio, the city’s mayor, described as “corporate drug pushers”.

“Who’s getting away with bloody murder right now? The big pharmaceutical companies,” he said at a news conference in the Bronx.

More than 1,000 people died in the city in 2016 from overdoses including opioids - the name for synthetic and natural opiates covering everything from opium to powerful modern versions such as fentanyl – more than the combined number of deaths from car accidents and homicides.

It represents a local snapshot of a national nightmare.

In 2016, opioid-related overdoses grew by 28% on the previous year, killing more than 42,000 people across the country.

The toll was blamed for a second consecutive annual fall in American life expectancy, an extraordinary reversal after years of improving longevity.

While some people are introduced to opioid drugs on the street, many people become addicted to powerful drugs prescribed almost routinely for chronic pain.

A recent study by the National Institute on Drug Abuse found that one third of American adults were prescribed the drugs in 2015. That is about 92 million people.

High profile deaths have included the pop star Prince, who accidentally overdosed on fentanyl in 2016, and the rock star Tom Petty. His family this week said they hoped his example would illustrate the dangers of such medicines.

The lawsuit lays much of the blame with what it says is the deceptive marketing of drug makers and by distributors bringing large amounts of prescription painkillers into New York.

It targets eight manufacturers and distributors, including Purdue Pharma, Teva Pharmaceuticals, Johnson & Johnson, and Janssen Pharmaceuticals, which deny the allegations.

In particular, it says the problem stems from the 1990s when manufacturers sought to extend the market for drugs that had previously been limited to pain management of terminal cancer patients. They created a new market for the treatment of other chronic pain in the search for “blockbuster profits”.

“The manufacturers’ campaign was and is misleading,” it says. “The Manufacturers knew or should have known, that prescription opioids have never been demonstrated to be an effective treatment for chronic, non-cancer pain outside the scope of palliative care and that they are highly addictive and subject to misuse.”

It adds that there have been no long-term studies to show the safety and efficacy of such drugs, or their suitability for treating everything from migraines to back pain.

Nonetheless pharmaceutical companies spent hundreds of millions of dollars to woo influential doctors and support patient advocacy groups in spreading their message about a new class of wonder drug, it alleges.

“As a result, the number of prescriptions skyrocketed, resulting in misuse and addiction for millions of individuals,” the complaint reads.

John Puskar, director of public affairs at Purdue, said the company was deeply troubled by the illicit opioid abuse crisis and was dedicated to being part of the solution.

“We vigorously deny these allegations and look forward to the opportunity to present our defence,” he said.

Sarah Freeman, a spokeswoman for Janssen Pharmaceuticals, which is owned by Johnson & Johnson dismissed the allegations as “baseless”.

“Our actions in the marketing and promotion of our opioid pain medicines were appropriate and responsible,” she said.

Cities, states and federal agencies are all trying to grapple with the crisis. New York joins Philadelphia, Delaware, Oklahoma and Chicago in launching lawsuits.

On Tuesday, the Drug Enforcement Administration said it had eased regulations to allow more healthcare professional to prescribe a medication used to treat opioid addiction. Buprenorphine has been credited with helping manage withdrawal and addiction but was seldom available outside cities.

In October, president Donald Trump declared the opioid epidemic to be a public health emergency, but was roundly criticised for failing to offer additional funding.

And this week, a member of the president’s opioid commission, which submitted its final report last month, described his frustration at the lack of money and absence of action.

“Everyone is willing to tolerate the intolerable – and not do anything about it,” Patrick Kennedy, a former Democratic congressman told CNN. “I’m as cynical as I've ever been about this stuff.”

Company Profile

Company name: Hoopla
Date started: March 2023
Founder: Jacqueline Perrottet
Based: Dubai
Number of staff: 10
Investment stage: Pre-seed
Investment required: $500,000

The specs

Engine: 1.5-litre 4-cyl turbo

Power: 194hp at 5,600rpm

Torque: 275Nm from 2,000-4,000rpm

Transmission: 6-speed auto

Price: from Dh155,000

On sale: now

Men from Barca's class of 99

Crystal Palace - Frank de Boer

Everton - Ronald Koeman

Manchester City - Pep Guardiola

Manchester United - Jose Mourinho

Southampton - Mauricio Pellegrino

The specs

Engine: 3.0 twin-turbo inline six-cylinder
Transmission: eight-speed
Power: 503hp
Torque: 600Nm
Price: from Dh400,000 (estimate)
On sale: now

MATCH INFO

Fixture: Thailand v UAE, Tuesday, 4pm (UAE)

TV: Abu Dhabi Sports

What to watch out for:

Algae, waste coffee grounds and orange peels will be used in the pavilion's walls and gangways

The hulls of three ships will be used for the roof

The hulls will painted to make the largest Italian tricolour in the country’s history

Several pillars more than 20 metres high will support the structure

Roughly 15 tonnes of steel will be used

Profile box

Company name: baraka
Started: July 2020
Founders: Feras Jalbout and Kunal Taneja
Based: Dubai and Bahrain
Sector: FinTech
Initial investment: $150,000
Current staff: 12
Stage: Pre-seed capital raising of $1 million
Investors: Class 5 Global, FJ Labs, IMO Ventures, The Community Fund, VentureSouq, Fox Ventures, Dr Abdulla Elyas (private investment)

Star Wars: Ahsoka

Director: Various
Starring: Rosario Dawson, Natasha Liu Bordizzo, Lars Mikkelsen
Rating: 4/5

Sweet Tooth

Creator: Jim Mickle
Starring: Christian Convery, Nonso Anozie, Adeel Akhtar, Stefania LaVie Owen
Rating: 2.5/5

Match info

Liverpool 4
Salah (19'), Mane (45+2', 53'), Sturridge (87')

West Ham United 0

If you go...

Etihad flies daily from Abu Dhabi to Zurich, with fares starting from Dh2,807 return. Frequent high speed trains between Zurich and Vienna make stops at St. Anton.

Super Saturday race card

4pm: Mahab Al Shimaal Group 3 | US$350,000 | (Dirt) | 1,200m
4.35pm: Al Bastakiya Listed | $300,000 | (D) | 1,900m
5.10pm: Nad Al Sheba Turf Group 3 | $350,000 | (Turf) | 1,200m
5.45pm: Burj Nahaar Group 3 | $350,000 | (D) | 1,600m
6.20pm: Dubai City of Gold Group 2 | $300,000 | (T) | 2,410m
6.55pm: Al Maktoum Challenge Round 3 Group 1 | $600,000 | (D) | 2,000m
7.30pm: Jebel Hatta Group 1 | $400,000 | (T) | 1,800m

Multitasking pays off for money goals

Tackling money goals one at a time cost financial literacy expert Barbara O'Neill at least $1 million.

That's how much Ms O'Neill, a distinguished professor at Rutgers University in the US, figures she lost by starting saving for retirement only after she had created an emergency fund, bought a car with cash and purchased a home.

"I tell students that eventually, 30 years later, I hit the million-dollar mark, but I could've had $2 million," Ms O'Neill says.

Too often, financial experts say, people want to attack their money goals one at a time: "As soon as I pay off my credit card debt, then I'll start saving for a home," or, "As soon as I pay off my student loan debt, then I'll start saving for retirement"."

People do not realise how costly the words "as soon as" can be. Paying off debt is a worthy goal, but it should not come at the expense of other goals, particularly saving for retirement. The sooner money is contributed, the longer it can benefit from compounded returns. Compounded returns are when your investment gains earn their own gains, which can dramatically increase your balances over time.

"By putting off saving for the future, you are really inhibiting yourself from benefiting from that wonderful magic," says Kimberly Zimmerman Rand , an accredited financial counsellor and principal at Dragonfly Financial Solutions in Boston. "If you can start saving today ... you are going to have a lot more five years from now than if you decide to pay off debt for three years and start saving in year four."

RESULT

Uruguay 3 Russia 0
Uruguay:
 Suárez (10'), Cheryshev (23' og), Cavani (90')
Russia: Smolnikov (Red card: 36')

Man of the match: Diego Godin (Uruguay)

UAE and Russia in numbers

UAE-Russia ties stretch back 48 years

Trade between the UAE and Russia reached Dh12.5 bn in 2018

More than 3,000 Russian companies are registered in the UAE

Around 40,000 Russians live in the UAE

The number of Russian tourists travelling to the UAE will increase to 12 percent to reach 1.6 million in 2023

The Specs

Engine: 1.6-litre 4-cylinder petrol
Power: 118hp
Torque: 149Nm
Transmission: Six-speed automatic
Price: From Dh61,500
On sale: Now

Netherlands v UAE, Twenty20 International series

Saturday, August 3 - First T20i, Amstelveen
Monday, August 5 – Second T20i, Amstelveen​​​​​​​
Tuesday, August 6 – Third T20i, Voorburg​​​​​​​
Thursday, August 8 – Fourth T20i, Vooryburg

Ten10 Cricket League

Venue and schedule Sharjah Cricket Stadium, December 14 to 17

Teams

Maratha Arabians Leading player: Virender Sehwag; Top picks: Mohammed Amir, Imad Wasim; UAE players: Shaiman Anwar, Zahoor Khan

Bengal Lions Leading player: Sarfraz Ahmed; Top picks: Sunil Narine, Mustafizur Rahman; UAE players: Mohammed Naveed, Rameez Shahzad

Kerala Kings Leading player: Eoin Morgan; Top picks: Kieron Pollard, Sohail Tanvir; UAE players: Rohan Mustafa, Imran Haider

Pakhtoons Leading player: Shahid Afridi; Top picks: Fakhar Zaman, Tamim Iqbal; UAE players: Amjad Javed, Saqlain Haider

Punjabi Legends Leading player: Shoaib Malik; Top picks: Hasan Ali, Chris Jordan; UAE players: Ghulam Shabber, Shareef Asadullah

Team Sri Lanka Cricket Will be made up of Colombo players who won island’s domestic limited-overs competition

MATCH DETAILS

Barcelona 0

Slavia Prague 0

Story behind the UAE flag

The UAE flag was first unveiled on December 2, 1971, the day the UAE was formed. 

It was designed by Abdullah Mohammed Al Maainah, 19, an Emirati from Abu Dhabi. 

Mr Al Maainah said in an interview with The National in 2011 he chose the colours for local reasons. 

The black represents the oil riches that transformed the UAE, green stands for fertility and the red and white colours were drawn from those found in existing emirate flags.

MATCH INFO

Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid

When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

COMPANY PROFILE

Company name: Sav
Started: 2021
Founder: Purvi Munot
Based: Dubai
Industry: FinTech
Funding: $750,000 as of March 2023
Investors: Angel investors

Our legal consultant

Name: Dr Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Step by step

2070km to run

38 days

273,600 calories consumed

28kg of fruit

40kg of vegetables

45 pairs of running shoes

1 yoga matt

1 oxygen chamber

The specs: Lamborghini Aventador SVJ

Price, base: Dh1,731,672

Engine: 6.5-litre V12

Gearbox: Seven-speed automatic

Power: 770hp @ 8,500rpm

Torque: 720Nm @ 6,750rpm

Fuel economy: 19.6L / 100km

Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.


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