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Photo: David Cooper/Toronto Star via Getty Images

New York City and 21 New York counties on Tuesday sued McKinsey & Company, alleging the global consulting firm contributed to the opioid crisis by helping drug companies increase prescription drug sales, AP reports.

Why it matters: The company earlier this year reached deals with all 50 states to pay more than $600 million in settlements for its role in advising OxyContin maker Purdue Pharma.

What they're saying: The lawsuit alleges that drug companies were able to increase sales by using deceptive marketing tactics devised by McKinsey.

  • In a statement to AP, McKinsey said its settlements with states resolved any municipal claims and “the funds provided by this settlement will be used by the state governments to support communities throughout those states."
  • The company added that it would fight cases that “are designed to double-dip on the state settlements.”

The big picture: Purdue Pharma and Johnson & Johnson both hired McKinsey to boost opioid sales.

Go deeper: Deaths due to drug overdoses hit 88,000 during pandemic

Go deeper

Aug 11, 2021 - Health

VA won't cover Biogen's Alzheimer's drug

The VA hospital in Phoenix. Photo: Caitlin O'Hara/Bloomberg via Getty Images

The Department of Veterans Affairs has excluded Aduhelm, the $56,000-per-year Alzheimer's drug made by Biogen and Eisai, from its list of approved drugs due to the drug's "lack of evidence of a robust and meaningful clinical benefit and the known safety signal," Endpoints News reports.

Why it matters: Some hospitals and health insurers have said they will not provide or cover Aduhelm, but the VA is the largest entity yet to spurn the drug.

Dan Primack, author of Pro Rata
4 hours ago - Politics & Policy

Democrats' billionaires tax explained

Illustration: Aïda Amer/Axios

There is now legislative language behind the push to tax American billionaires on unrealized capital gains, as Sen. Ron Wyden last night released his 107-page plan.

Why it matters: This would be a sea change in U.S. tax policy, which has only applied to realized gains (otherwise known as income).

COP26 head warns Glasgow summit will be "harder than Paris"

Alok Sharma, U.K. COP26 president, in Milan on Sept. 30, 2021. Photo: Stefano Guidi/Getty Images

U.K. COP26 President Alok Sharma told reporters Tuesday that the upcoming talks in Glasgow, widely viewed as the last chance to avoid some of the worst consequences of global warming, will be extremely difficult.

Driving the news: Sharma sought to temper expectations and note that the agenda features some of the toughest items that negotiators have punted on at previous summits.

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