McKinsey settles for $573-million over role in opioid crisis theglobeandmail.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theglobeandmail.com Daily Mail and Mail on Sunday newspapers.
Global consulting giant McKinsey & Company agrees to pay $573million settlement for role in opioid crisis after advising drug companies on how to supercharge sales
McKinsey & Co. agreed to $573million settlement with 47 states, DC, and 5 US territories over its role in advising OxyContin maker Purdue Pharma
Criticism of McKinsey escalated since New York Times report from November claimed the firm advised Purdue Pharma on ways to supercharge drug sales
In December, McKinsey apologized for its work with Purdue Pharma and vowed to probe claims two senior partners discussed deleting records linked to firm
McKinsey reportedly proposed that Purdue Pharma pay distributors rebates for overdoses linked to the pills sold by the company
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McKinsey issued a rare statement but stopped short of an apology after court documents revealed that the consulting giant helped its client, Purdue Pharma, “turbocharge” OxyContin sales in the midst of the opioid epidemic.
“We recognize that we did not adequately acknowledge the epidemic unfolding in our communities or the terrible impact of opioid misuse and addiction on millions of families across the country,” the company said in a rare statement.
“We recognize that we have a responsibility to take into account the broader context and implications of the work that we do,” the statement continued. “Our work for Purdue fell short of that standard.”