Sackler Family Net Worth | The Sacklers run Purdue Pharma, a pharmaceutical business best known for its narcotic Oxycontin. Almost every state has launched a lawsuit against Purdue and members of the Sackler family for their alleged roles in the opioid crisis.
The Sacklers have not admitted guilt in response to the cases, but have proposed a $10 to $12 billion settlement. Purdue Pharma filed for bankruptcy in September 2019 as part of the settlement; it would be turned into a public benefit corporation.
Additionally, the Sackler family will sell its affiliate in the United Kingdom, Mundipharma. Proceeds from the sale will be used to resolve the case. Additionally, the Sacklers have agreed to contribute $3 billion to the settlement, which would benefit persons impacted by the opioid crisis.
Purdue Pharma pleaded guilty in October 2020 to criminal charges brought by the Department of Justice for the marketing of OxyContin. The Sacklers agreed to pay the Department of Justice $225 million as part of the 2020 settlement in connection with their alleged role in the opioid crisis.
Only a few years ago, the Sackler family was best known for their philanthropic generosity — notably to the arts — with their surname emblazoned on some of the world’s most illustrious buildings and museums, from Harvard and Oxford to the Metropolitan Museum of Art and the Louvre.
However, in 2016, the Department of Health and Human Services (HHS) reported that an estimated 42,000 Americans died of opioid overdoses, more than any prior year on record. Around 40% of those deaths were caused by prescribed opioids. The HHS called the opioid crisis a public health emergency the following year. Forbes stated in July 2015 that the Sackler family’s estimated net wealth was $13 billion.
By the early 1990s, the Sacklers had expanded their practice into the rapidly burgeoning field of pain management. In the early 1990s, it changed its name to Purdue Pharma and debuted OxyContin in 1995. It swiftly became a major bestseller as a result of strong marketing methods — including promises that the medicine was relatively non-addictive — that resulted in a surge of doctors prescribing it for a variety of different types of pain, from severe to very minor.
According to data published Tuesday by a congressional committee, members of the Sackler family who own bankrupt OxyContin maker Purdue Pharma LP are worth nearly $11 billion.
Sackler Family Net Worth: $13 billion
Members of the Sackler family have agreed to pay $4.28 billion over the next decade as part of a proposal for Purdue to emerge from bankruptcy and settle thousands of lawsuits filed against the company and its owners by states, local governments, and individuals blaming the company and its owners for contributing to the nation’s opioid crisis.
According to spokespeople for the two branches of the company’s family owners, summaries of the family fortune provided to Rep. Carolyn Maloney (D., N.Y.) were also seen by Purdue’s creditors during settlement negotiations.