Pfizer installs new chief business innovation officer 

Pfizer Inc. (NYSE: PFE) has hired McKinsey (New York City) veteran Aamir Malik as executive vice president and chief business innovation officer.

Malik had worked at the consulting giant for 24 years. He supported New York–based McKinsey’s healthcare business in the U.S., Europe, Asia and Latin America and most recently worked as the managing partner focused on McKinsey’s domestic operations.

At Pfizer, Malik will join the company’s executive leadership team and report to CEO Albert Bourla.

Aamir Malik

Malik will take over the role of John Young, who has signaled his intent to retire after 34 years at Pfizer.

Malik will begin working for Pfizer on Aug. 30.

Young began his stint as group president and chief business officer in January 2019. Before that, he held the role of group president, Pfizer Innovative Health, for 12 years.

Young was involved in Pfizer’s partnership wit…

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McKinsey to pay $573M in opioid settlement

The prestigious consulting firm McKinsey has struck a deal with 47 states over its role in the opioid crisis. 

Notably, the company had advised OxyContin manufacturer Purdue Pharma (Stamford, Conn.) on “turbocharging” opioid sales. The pharma company had worked with McKinsey for 15 years. 

The Justice Department concluded that McKinsey helped manage a Purdue Pharma sales program known as “Evolve to Excellence” that pushed medically questionable OxyContin prescriptions.

There is no admission of wrongdoing in the McKinsey settlement, but the firm will publicly share tens of thousands of pages of documents linked to its opioid work. 

“With this agreement, we hope to be part of the solution to the opioid crisis in the U.S.,” said Kevin Sneader, global managing partner of McKinsey, in prepared remarks. 

Sneader also apologized for the firm’s role in the opioid crisis while also maintaining that the firm’s past work with opioid makers was lawful.…

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