Congress investigates McKinsey over role in opioid crisis

In a new assault on global consulting giant McKinsey & Company, Congress on Friday opened an investigation into the company’s role i...

In a new assault on global consulting giant McKinsey & Company, Congress on Friday opened an investigation into the company’s role in the opioid crisis, sending a letter demanding records related to its “business practices, conflicts of interest. ‘management interests and standards’.

The 12-page letter, sent by the House Committee on Oversight and Reform, requested the names of McKinsey’s healthcare clients as well as documents related to its work with opioid manufacturers, distributors and retailers . The committee is also examining how McKinsey’s advice for drugmakers may conflict with the work it has done for the Food and Drug Administration.

By advising opioid manufacturers and “the federal agency regulating their conduct,” McKinsey “may have had a significant negative impact on the health of Americans,” the committee said.

The letter was signed by the committee chair, Representative Carolyn B. Maloney of New York, who asked McKinsey to produce the documents by November 19. McKinsey’s policy is not to identify its clients or the advice it gives.

A spokesperson for the company said on Friday that McKinsey had “received the letter from the committee and would engage directly with the committee about their demands.”

This year, McKinsey agreed to pay the 50 states more than $ 600 million for adjust investigations into how he helped “turbocharge” opioid sales, focusing primarily on his work with Purdue Pharma, the makers of OxyContin. McKinsey did not admit any wrongdoing.

Friday’s request follows a smaller request on August 23 from a bipartisan group of six American senators seeking FDA records of its work with McKinsey at the same time as it regulated opioid manufacturers, calling the relationship a “potential conflict of interest.” Senators requested more information on the company’s work with the division of the FDA that approved certain classes of drugs, including prescription opioids.

OxyContin and similar pain relievers can be addictive and subject to abuse. From 1999 to 2019, nearly 500,000 people in the United States deceased of opioid overdoses, according to the Centers for Disease Control and Prevention.

The House panel is seeking information on “McKinsey’s apparent failure to monitor and prevent harmful practices,” Ms. Maloney, a Democrat, wrote in the letter to company managing partner Bob Sternfels.

Over the past few years, McKinsey has come under intense scrutiny from Republicans and Democrats for a wide range of his consulting endeavors. In October 2018, Senator Elizabeth Warren, a Democrat from Massachusetts, asked the company for more information about its work in Saudi Arabia. Last year, Senator Marco Rubio, a Florida Republican, has asked McKinsey to release the names of Chinese clients whose business may conflict with US national interests.

The House committee is also looking for documents beyond McKinsey’s opioid work, citing instances where consultants have been able to help companies raise drug prices or “block competition” from cheaper generics.

McKinsey’s internal hedge fund, McKinsey Investment Office Partners, a pension fund and investment vehicle for partners who last year reported over $ 31 billion in assets under management. The bottom held indirect investments in companies, including its drug manufacturing customers. The committee wants a list of all the fund’s investments and a list of McKinsey employees who have worked with it since 2005.

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Newsrust - US Top News: Congress investigates McKinsey over role in opioid crisis
Congress investigates McKinsey over role in opioid crisis
Newsrust - US Top News
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