Kudos to the SOA and Milliman for producing this study that assigns hard facts and figures to our opioid abuse humanitarian crisis. Their breakdowns of the costs are especially helpful in addressing the issue going forward. Deaths are a known stat, and the loss of future income are important to those who lost a loved one. Those losses are 40% of the total costs.
The loss of productivity and costs incurred in the healthcare area enable us to see where unnecessary costs occur, and therefore, savings in health insurance and business overhead costs may be realized, benefiting consumers of those products and services.
Finally, the study was peer reviewed by several knowledgeable professional actuaries, giving it great weight and clarity as regards freedom from bias and political motivation. This should be noted by any legislator reading it in preparation for a vote on opioid prescription legislation.
This article basically says they cost the US Economy 4 trillion 417 Billion dollars. And the Seckler family (and Purdue) have hid all their money over seas and are filing for bankruptcy. Oh and they want to ‘settle’ by paying $50 billion (or 1.13%). Sounds fair. (Sarcasm)
There are further costs that are initially borne by business and then potentially passed back to all business and (maybe) even consumers. The lawsuits that have been created impact certain businesses heavily through legal costs and settlements (you might say “good” depending on your viewpoint) and then insurers are hit through various mechanisms if coverage in place (again, good or bad depending on your view). But this then feeds through into business resuls and creates need for cost increases more generally. I guess this would add very significantly to the total sum shown here
Will more doctors start being punished for over-prescribing opioids? I read the one doctor was being sentenced for prescribing pain pills over 500,000 times in a relatively short period of time. No doubt the Sacklers should be forfeiting their riches, but their money appears to already be hidden quite well. Many doctors have played a major role in this as well. After my last surgery, I was prescribed Vicodin. I didn’t take it, outside of the first several days after the surgery as I didn’t need it any longer than that. When I had my follow up two weeks later, I was prescribed another 90 pills, even though I told the doctor I still had almost all of my original prescription left. Why would they do that? Do they get a bonus for prescribing more of something? Is it like a traditional Sales role where you earn a commission, or a trip, if you hit a certain mark?
Kudos to the SOA and Milliman for producing this study that assigns hard facts and figures to our opioid abuse humanitarian crisis. Their breakdowns of the costs are especially helpful in addressing the issue going forward. Deaths are a known stat, and the loss of future income are important to those who lost a loved one. Those losses are 40% of the total costs.
The loss of productivity and costs incurred in the healthcare area enable us to see where unnecessary costs occur, and therefore, savings in health insurance and business overhead costs may be realized, benefiting consumers of those products and services.
Finally, the study was peer reviewed by several knowledgeable professional actuaries, giving it great weight and clarity as regards freedom from bias and political motivation. This should be noted by any legislator reading it in preparation for a vote on opioid prescription legislation.
I don’t vote on this site, but I agree with 100% of what you wrote.
This article basically says they cost the US Economy 4 trillion 417 Billion dollars. And the Seckler family (and Purdue) have hid all their money over seas and are filing for bankruptcy. Oh and they want to ‘settle’ by paying $50 billion (or 1.13%). Sounds fair. (Sarcasm)
http://www.msn.com/en-us/news/us/first-federal-trial-over-nations-opioid-epidemic/sl-AAIV2mX
They can probably only afford $50B because of all the taxes their company has paid over the years (also sarcasm)
Sacklers = Maggots
There are further costs that are initially borne by business and then potentially passed back to all business and (maybe) even consumers. The lawsuits that have been created impact certain businesses heavily through legal costs and settlements (you might say “good” depending on your viewpoint) and then insurers are hit through various mechanisms if coverage in place (again, good or bad depending on your view). But this then feeds through into business resuls and creates need for cost increases more generally. I guess this would add very significantly to the total sum shown here
Will more doctors start being punished for over-prescribing opioids? I read the one doctor was being sentenced for prescribing pain pills over 500,000 times in a relatively short period of time. No doubt the Sacklers should be forfeiting their riches, but their money appears to already be hidden quite well. Many doctors have played a major role in this as well. After my last surgery, I was prescribed Vicodin. I didn’t take it, outside of the first several days after the surgery as I didn’t need it any longer than that. When I had my follow up two weeks later, I was prescribed another 90 pills, even though I told the doctor I still had almost all of my original prescription left. Why would they do that? Do they get a bonus for prescribing more of something? Is it like a traditional Sales role where you earn a commission, or a trip, if you hit a certain mark?