Infractions: McKinsey & Company to pay $573m settlement for role in opioid epidemic in US

*The company was accused of advertising a way to ‘supercharge’ opioid sales resulting in a serious crisis linked to deaths of over 470,000 Americans since 2000

*While no amount of money will ever compensate for the pain of the hundreds of thousands dead, the millions addicted, and countless families torn apart from opioid addiction, we can ensure that those responsible for the crisis help to fund prevention, education, and treatment programmes to stop further addiction ─New York Attorney-General

Isola Moses | ConsumerConnect

While claiming regret for its failure to adequately acknowledge the tragic consequences of the unfolding high-risk opioid crisis in its host communities, McKinsey & Company has agreed to pay $573 million to settle claims that advertised a way for companies to “supercharge” their opioid sales.

McKinsey, however, agreed to the national settlement Thursday, February 4 without admitting fault in the high-wire damage to the wellbeing of consumers, agency report said.

Opioid bottle   Photo: Getty Images

It was gathered that almost 50 state governments and District of Columbia (DC) and territories in the United States (US), have accused the global business consulting firm of working with opioid companies to help them boost sales of high-risk opioids in 2013.

The era was considered a time when opioid prescriptions were trending downward as an effect of the opioid crisis.

A majority of the funds from the settlement will go towards paying for treatment and rehabilitation programmes in communities that have been hard-hit by the opioid crisis. Kevin Sneader, Global Managing Partner of McKinsey, in the statement said: “We chose to resolve this matter in order to provide fast, meaningful support to communities across the United States.

“We deeply regret that we did not adequately acknowledge the tragic consequences of the epidemic unfolding in our communities. With this agreement, we hope to be part of the solution to the opioid crisis in the U.S.”

Addressing the devastation

The office of New York Attorney-General Letitia James in a statement on the settlement, said it “resolves investigations by the attorneys-general into the company’s role in working for opioid companies, helping those companies promote their drugs, and profiting millions of dollars from the opioid epidemic.”

Unfortunately, report noted the opioid crisis has been linked to the deaths of more than 470,000 Americans since 2000, according to the Centers for Disease Control and Prevention (CDC).

James, nonetheless, said the money from the settlement would help to address the devastation the epidemic has created.

He stated: “While no amount of money will ever compensate for the pain of the hundreds of thousands dead, the millions addicted, and the countless families torn apart from opioid addiction, we can ensure that those responsible for the crisis help to fund prevention, education, and treatment programmes to stop additional New Yorkers and Americans across the country from becoming addicted to opioids in the first place.”

Kindly Share This Story