Articles Tagged with Sackler family

tax havenThe Sackler family empire comprises Purdue in America, Napp in Britain, and Mundipharma in Europe and Australasia. The companies have helped amass a £10 billion fortune, protected, in part, by the tax haven of Bermuda.

The Evening Standard in the UK released a report detailing that while their opioid painkillers are manufactured in Cambridge, the Caribbean is actually the heart of the Sacklers’ tax avoidance strategy. They report the Sackler family has allegedly diverted billions of pounds in profit to Bermuda to avoid paying millions in taxes that would have been due to the UK or Europe.

The Investigation into Opioid Companies

addictionMost people are aware that there is a serious Opioid crisis in America. But how many people know that the company who makes OxyContin, the highly addictive painkiller, is owned by a single family who has reaped billions of dollars of profits?

To say that the Sackler family has an impressive roster of monuments to their wealth would be an understatement. The Sackler family has had entire museums, wings, labs, stairways, and courtyards erected in their name.

From buildings and monuments to philanthropy, the Sackler name is everywhere, but the family itself is hardly ever seen.  In 2015 Forbes magazine added the family to the list of America’s richest families.  The billionaire family is descended from Mortimer and Raymond Sackler, two psychiatrist brothers from Brooklyn. Consisting of about 20 members, Forbes cited their wealth at a low-ball of 14 billion dollars. The family never comments publicly on the source of all that wealth – and that’s not a surprise. Most of their wealth came from sales of the narcotic painkiller, OxyContin. Since 1966 when the drug began being sold by the American branch of the Sackler’s pharmaceutical empire, Purdue Pharma, more than 200,000 people have died from overdoses on OxyContin and other painkillers.