Posted on 08/27/2023 10:12:10 AM PDT by Chad C. Mulligan
Pharmacy giant Rite Aid, which is facing an onslaught of lawsuits over its alleged role in the opioid epidemic, is planning to file for bankruptcy protection, according to a report.
The company's multibillion-dollar debt load and pending legal allegations that it oversupplied prescription painkillers, will be covered under the Chapter 11 filing, The Wall Street Journal reported Friday, citing people familiar with the matter.
A Rite Aid spokesperson told FOX Business that the company does "not comment on rumors and speculation."
The law firm reportedly handling the restructuring, Kirkland & Ellis LLP, did not immediately respond to FOX Business' request for comment.
Rite Aid, one of the nation's largest pharmacy chains with more than 2,2000 locations, is facing numerous lawsuits for allegedly contributing to the opioid crisis that has taken a toll on communities nationwide.
The Department of Justice filed a lawsuit against Rite Aid earlier this year, claiming the company knowingly filled "unlawful prescriptions for controlled substances" in violation of the False Claims Act and Controlled Substances Act. Ticker Security Last Change Change % RAD RITE AID CORP. 0.70 -0.74 -51.05%
Rite Aid has denied allegations that it filled unlawful prescriptions, the Journal reported. A bankruptcy filing would also halt these suits for the time being and provide the company another pathway to resolve them, according to the newspaper.
Just went in to .y rite aid k own those workers for close to 15 years going to miss them Blanca my phamissit and Issac the manager sad
That happened to me too. I now count my pills every time
Rite Aid has been on the brink of bankruptcy for years. It was going to be acquired by Walgreens, then it was going to be delisted. That was all before Covid.
Walgreens or CVS will probably suck up the profitable retail locations.
Pharmacists crossed a line a long time ago when they accepted kickbacks from drug manufacturers. They're not just filling a prescription; they're in effect an agent of the drug manufacturer.
They’ve been in the dumper or over 5 years, hard to believe they lasted this long.
Not always. Because the pharmacy gets to have extra information. If your cardiologist prescribes you certain meds, and then your podiatrist prescribes you other meds, and these two meds don’t play well together, your pharmacist, filling all your prescriptions and being in a position to see that problem, actually has a duty to say “no”.
And on the opioid front they’re in a position to spot “doctor shopping” where somebody gets multiple different doctors to write scrips, so you get 4 prescriptions for opioids instead of just 1. It is actually part of their job so look for this stuff.
Lawyers and attorney generals are my bet.
CVS is closing 900 locations by 2026.
That would be the Rat party.
I seem to recall that Rite Aid was bought by either Walgreens or CVS a few years back. They began closing the Rite Aids that were near their corporate stores.
If shoplifting continues to be consequence free in the major cities, we can look forward to lots more drug stores closing.
Loss of money to the corporations will cause closings, even in areas where shoplifting is still a crime.
> And on the opioid front they’re in a position to spot “doctor shopping” where somebody gets multiple different doctors to write scrips <
Ah, I hadn’t considered that. Thanks for the reply.
Curiously, I am involved in a program that helps prevent doctor shopping, counterfeit scrips, medication diversion, and all sorts of shenanigans.
Imagine that, a former addict like me (who 12-stepped successfully) involved in bringing other addicts to legal accountability.
The irony is so ironic.
Oh, and 'being in a position' for one physician to see all those scripts?
I help make that happen.
Time after time I have watched one big drug store chain buy up a bunch of others. They get bought up too. And on and on. If you break down rite aid like a family tree then you find the remnants of drug stores from years ago. Now they are going under too. Not much left.
“They’re taking the fall for the actual people who created the opiod crisis.”
Exactly right. The damn Sacklers and Purdue Pharma.
Oh! My mistake! You are talking about at the pharmacist level!
Our program ups the ante. We make that information available to all doctors who actually write the scrips. The prescription won't even get written, due to what we do.
“Not to me, they didn’t. They actually UNDER-filled two Rxs, and I had to go back to get one of the pharmacists to recount the bottle. They did replace the missing pills.”
Most likely, this was not an accident, but an employee stealing opiates one pill at a time.
That’s good stuff. It would probably also held the pharmacist. Since without some communication help they only know what you’re filling in their system. The other half of “good” doctor shopping is spreading your scrips around. And even outside opioid abuse, it’s always been kind of weird that we just hope you’re using one pharmacist to spot those drug interactions. Everybody writing and fulfilling your scrips should be able to know all of what you’re on.
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