McKinsey no longer working with opioid maker Purdue Pharma
Management consulting giant McKinsey & Company will stop doing work for Purdue Pharma, the controversial drug firm that makes the prescription painkiller OxyContin.
“Opioid abuse and addiction are having a tragic and devastating impact on our communities. We are no longer advising clients on any opioid-specific business and are continuing to support key stakeholders working to combat the crisis,” a McKinsey spokesperson confirmed to CNN Business.
Bloomberg first reported that McKinsey was ending its relationship with Purdue.
The news comes just a few days after reports that Wall Street powerhouse JPMorgan Chase had stopped providing banking services to Purdue. JPMorgan Chase had no comment while Purdue was not immediately available for comment.
The use of OxyContin and other opioid prescription painkillers has become an epidemic in the United States that has been blamed for tens of thousands of deaths, according to the Centers for Disease Control and Prevention.
As a result, several states have sued Purdue and the billionaire Sackler family that owns the company.
According to one suit filed by the state of Massachusetts earlier this year, McKinsey & Co. allegedly advised Purdue on how to boost its sales and profits by pitching OxyContin to doctors as a drug that would provide ‘freedom’ and ‘peace of mind’ to patients.
Democratic Senator and presidential candidate Elizabeth Warren has called for Harvard to remove the Sackler name from several buildings on its campus.