Carson City, NV (KXNT) - Nevada Attorney General Aaron D. Ford announced Wednesday that Nevada will receive approximately $193 million from Teva Pharmaceuticals after the company agreed to a settlement regarding its role in the opioid epidemic.
Teva will make annual payments to Nevada beginning in July 2024 through July 2043. These payments will increase on a sliding scale, beginning at $7 million and increasing to $9 million in 2037 and $27 million in 2042.
In addition to the monetary relief, the settlement requires Teva, among other things, to ban the promotion of opioids and opioid products; to ban financial incentives for the sale of opioids; to ban funding to third parties that promote opioids; to impose lobbying restrictions; to develop and implement monitoring programs, including for off-label use of opioids; to ban prescription savings programs for opioids; to monitor and report downstream customers with risks of diversion of opioids; and to provide regular training to its employees.
Previously, the state, along with all of Nevada’s counties and cities that currently have active litigation against opioid companies, came to an agreement on the intrastate allocation of funds from opioid-related recoveries.
The One Nevada Agreement on Allocation of Opioid Recoveries provides a framework for how funds from any Nevada opioid-related settlement will be allocated and used.