Prognosis
McKinsey Chief Says Firm Failed to Identify Opioid Epidemic
- Firm denies conflict of interest in work for FDA, drug makers
- Consultancy’s actions ‘among the worst I have seen:’ lawmaker
Bob Sternfels
Photographer: Bryan van der Beek/BloombergThis article is for subscribers only.
The head of McKinsey & Co. acknowledged that it failed to see the opioid epidemic unfolding while simultaneously doing work for drug regulators and makers of painkillers including OxyContin in his first appearance before lawmakers investigating the consulting firm’s actions.
“While our intent was not to fuel the epidemic, we failed to recognize the broader context of what was going on in society around us,” said Bob Sternfels, who assumed his role as global managing partner leading the 38,000-employee firm in July 2021. “That’s why we have new protocols and policies in place to prevent this happening again.”