What I have been reading: Empire of Pain

Empire of Pain is the story of the Sackler family, and Purdue Pharma. Purdue marketed OxyContin as a painkiller, it became a best seller with reported sales of $31 billion - however, it became abused, was misrepresented by the company in its marketing and to the FDA as to its efficacy, and was highly profitable. The drug soon started wreaking havoc across the USA - so this is a story of deception, family infighting, succession and greed, with a hefty dose of philanthropy.

Some wider lessons:

  1. Be careful what you wish for
  2. Loyalty has a price; if you are not willing to have people challenge you
  3. Failure to diversify and management of risk
  4. The value of different / independently sourced data points to correlate facts
  5. Importance of company culture (but not to the extent it becomes a cult - recent example WeWork)
  6. Advisors being and remaining independent