Under siege from thousands of lawsuits from federal, state, and local governments for its role in the deadly opioid addiction crisis, drug manufacturer Purdue Pharma reached a tentative settlement with some of the plaintiffs in which Purdue would transform itself through the bankruptcy process from a typical, profit-chasing drugmaker into a “public beneficiary company.” The proposition raises an important question: If plaintiffs are open to the idea of turning Purdue into a public trust run by appointees of a federal bankruptcy judge—one that would distribute its profits to state and local governments—why not take one more step? Why not create the beginnings of a network of public pharmaceutical companies like those that already exist in such countries as Sweden, Brazil, and Thailand?
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