Parkland Joins Texas-Based Opioid Lawsuit Against Pharma Companies

Parkland Health and Hospital System is among 29 public and private hospitals in Texas that have filed a civil lawsuit against manufacturers, distributors, and retailers of opioids. The Dallas County complaint accuses the defendants of negligence, fraud, and civil conspiracy, which include Irving-based McKesson Corp., Purdue Pharma, Johnson and Johnson, and  40 other companies and individuals in the pharmaceutical industry. Last month, an Oklahoma judge ruled that Johnson and Johnson should pay the state $572 million for obscuring the dangers and overpromising the benefits of opioids. It was one of 2,000 similar lawsuits nationwide, and now Texas has joined the… Full Story

McKesson Named in Nationwide Opioid Lawsuit

McKesson Corp. has been named in a Cleveland lawsuit against many of the largest players in the pharmaceutical industry, the Washington Post reports. The filing describes the drug companies as solely focused on profits at the cost of the damage done to country by opioids. The companies say they should not be charged with second guessing the expertise of doctors who prescribe the pills. The case consolidates claims from around the country, and because of documents released by a three judge panel last week, the direction and quantity of drugs is better able to be tracked between manufacturers, distributors, and… Full Story

McKesson Appoints New Independent Director to Board

The board of directors at McKesson Corp. elected Ken Washington, the chief technology officer at Ford Motor Company, as a new independent director. This will increase the board from nine to ten members, nine of which are independent. Washington leads Ford’s research, development, and implementation of the company’s technological innovations all around the world. He previously served as vice president of the Advanced Technology Center at Lockheed Martin Space Systems Company, and also built Lockheed’s privacy program. He has also worked in Sandia National Laboratories in New Mexico. “Ken’s years of experience in technology, research, and privacy strategy at complex global organizations… Full Story

McKesson Plans for $150 Million in Lawsuit Fines for Next Fiscal Year

In an earnings call last week, pharmaceutical giant McKesson Corp. said it expects to spend $150 million in 2021 on defending itself from opioid lawsuits, up from $100 million this year, Axios reports. McKesson is the sixth largest company in terms of revenue in the country, and the $150 million is a drop in the bucket relative to its $214 billion in revenue last year, but the lawsuits are adding up, with cases in West Virginia, Oklahoma, and New York in process or recently settled. States and cities are accusing many of the major drug players of knowingly sending inordinate… Full Story

McKesson Corp. Saw Three Percent Revenue Growth in Fiscal Year 2019

Despite being in legal hot water in multiple states for the number of opioids McKesson Corp. sent to patients and doctors, the pharmaceutical giant reported a three percent increase for full-year fiscal 2019 revenue and two percent up from last year’s fourth quarter. The fourth quarter fiscal 2019 revenue was $52.4 billion, and the full year revenue was $214.3 billion. Shareholders received $1.9 billion due to share repurchases and dividends in fiscal year 2019. The company has a positive outlook looking forward due to a renewed pharmaceutical distribution relationship with CVS Health through 2023. McKesson’s cashflow was $4.0 billion for… Full Story

McKesson Corp. Appoints New Human Resources Chief

McKesson Corp has appointed Tracy Faber to executive vice president and chief human resources officer, which will take effect in October. She will report to McKesson’s new CEO Brian Tyler. Faber has been with McKesson since 2011 and is currently a senior vice president of human resources for McKesson Corporate as well as their U.S. Pharmaceutical and Specialty Solutions and the Strategic Initiatives team. Faber will advise the CEO and board of directors on executive session planning, recruiting board members, diversity, inclusion, leadership development and transformational change. “We are delighted to welcome Tracy to our executive committee,” said Tyler via… Full Story

McKesson and West Virginia End Opioid Lawsuit in “Sweetheart Settlement”

Irving-based McKesson Corp. is accused of sending 100 million doses of opioids to West Virginia over a six year period, in a now-settled lawsuit in the state of West Virginia. The pharmaceutical giant will pay the state $37 million to be used for rehabilitation, job training and mental health programs, according to the New York Times. The lawsuit says that the nation’s sixth largest company by revenue, which moved to Irving from California last fall, failed to report or stop overblown opioid doses that poured into the state. The Times reports that state officials say the company sent enough hydrocodone… Full Story

McKesson Self-Reported $1.6 Million in Back Pay Errors to Federal Government

A subsidiary of Irving-based McKesson Corp. self-reported violations for 515 employees and will pay $1,650,452 in back wages and benefits for employees in Colorado and Tennessee. The issue was reported by the Department of Labor late last week. McKesson Specialty Distribution LLC, which distributes the federally funded Vaccines for Children program, reported the infraction to the Department of Labor’s Wage and Hour Division, who confirmed it. Employees working on a federal contract with the Centers for Disease Control were not paid correct overtime rates or appropriate fringe benefits. “McKesson Specialty Distribution made every effort to correct violations once they identified… Full Story

Opioid Lawsuit Says McKesson “Deliberately Betrayed” Duties

Last month, McKesson Corp. was named a defendant in a New York lawsuit aimed at some of the largest drug distributors and manufacturers in the country. McKesson, which was listed as six on the Fortune 500 list with $198.5 billion in revenue in 2017, is the largest pharmaceutical company in the country with 76,000 employees. The company moved its international headquarters from San Francisco to Irving last fall. As first reported in the New York Times, the New York Attorney General alleges that McKesson and other major distributors conducted a number of fraudulent practices leading to the proliferation of opioid addiction in… Full Story