Drug Distributors Crash On 60 Minutes Opioid Epidemic Report

I hope you are not in McKesson, AmerisourceBergen and/or Cardinal Health, because they are getting monkey-hammered in early trading on Friday.

Have a look:

Monkeys

What’s with that, you ask? Well apparently the problem is that CBS’ “60 Minutes” (in conjunction with the Washington Post) is going to run a special on October 15 about the role big drug distributors have played in the opioid crisis.

 

Here’s the preview (sorry about the autoplay, blame CBS):

And here’s the official HDA statement:

ARLINGTON, Va. — HDA President and CEO John M. Gray released the following statement in response to 60 Minutes/Washington Post coverage on the opioid epidemic.

“Our industry recognizes the opioid epidemic as a national crisis — one that requires urgent action and solutions from across the healthcare system. While distributors do not manufacture, market, prescribe or dispense medicines — including opioids — we are supportive of initiatives by the government, public health organizations and our supply chain partners to reduce opioid prescribing, increase disposal of unused medicine, and improve patient, pharmacist and physician education.

“The most powerful and effective enforcement tool we can envision is the Drug Enforcement Administration (DEA) and the supply chain working together to combat the opioid epidemic. For the past decade, our industry has continuously sought opportunities to communicate and coordinate more effectively with DEA to better understand our reporting responsibilities under the Controlled Substances Act, and to work together to mitigate the opioid epidemic. Prior to 2016, these efforts were not reciprocated — as noted by the General Accounting Office (GAO) in a July 2015 report. The GAO recommended that the DEA ‘improve communication with and guidance for registrants’ in order to effectively address abuse, misuse, and diversion moving forward.

“This is why the Ensuring Patient Access and Effective Drug Enforcement Act (S. 483), which had broad, bipartisan support, was a meaningful common-sense solution to create a pathway for information exchange between the DEA and its registrants that did not previously exist. Yet, under the law today, the DEA remains fully empowered to take immediate action against a registrant if there is ‘a substantial likelihood of an immediate threat that death, serious bodily harm, or abuse of a controlled substance will occur in the absence of an immediate suspension of the registration.’

“Greater clarity, dialogue and collaboration between the DEA and its supply chain partners will strengthen our nation’s ability to precisely and effectively combat prescription drug abuse and diversion.”

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