The firm let consultants advise both drugmakers and their government overseers, internal records show. “Who we know and what we know” was part of their pitch.
Khaya Sithole: Drug firms addicted to profit, not cure mg.co.za - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mg.co.za Daily Mail and Mail on Sunday newspapers.
Health
your username
February 4, 2021 Global consulting firm McKinsey & Company has agreed to pay $573 million in a settlement with attorneys general in 47 states, the District of Columbia, and five U.S. territories over its alleged role in perpetuating the opioid crisis that has caused the deaths of approximately 450,000 people, the New York Times reported on Wednesday.
According to Thursday’s news release from the Office of the Attorney General for the District of Columbia, the settlement, which excludes Nevada, Washington, and West Virginia, will include a $573 million payment distributed over five years among the states and territories involved to put toward opioid relief efforts; a public disclosure of internal documents detailing McKinsey’s work with partnered opioid manufacturers; the implementation of an ethics code; and an agreement to cease consulting companies on developing, marketing, and selling opioid-based Schedule II and III drugs.
McKinsey settles for $573 million over role in opioid crisis
By Michael Forsythe and Walt Bogdanich New York Times,Updated February 3, 2021, 11:39 p.m.
Email to a Friend
The global business consulting firm McKinsey & Company has agreed to a $573 million settlement over its role in the opioid crisis.Toby Talbot/Associated Press
McKinsey & Co., the consultant to blue-chip corporations and governments around the world, has agreed to pay $573 million to settle investigations into its role in helping âturbochargeâ opioid sales, a rare instance of it being held publicly accountable for its work with clients.
The firm has reached the agreement with attorneys general in 47 states, the District of Columbia and five territories, according to five people familiar with the negotiations. The settlement comes after lawsuits unearthed a trove of documents showing how McKinsey worked to drive sales of Purdue Pharmaâs OxyContin painkiller amid an opioid epidemic in the United Stat