McKesson and everything about it!

1. History of McKesson Corporation: 

McKesson Corporation is an American Enterprise that deals with Pharmaceuticals while also providing health Information Technologies, Management tools, and of course medical supplies. 

The company was founded in 1833 but was initially based in San Francisco until 2019 and then it got shifted to its current Headquarters in the Dallas Area. 

The company dominates on the Northern American side and has over 78,000 employees working at McKesson Corporation. There 2021 fiscal year revenue was gigantic at $238.2 Billion. 

The company is situated in Irving, Texas, and ranks No.8 on the Fortune 500 Company Rankings. 

McKesson Corporation is led by its CEO Brian Tyler who took over this position recently in 2019 after the company relocated its HQ. He had spent over 20 years in the enterprise before he became the CEO, so he is extremely well versed in the company’s Operations. 

The company provides a wide array of infrastructure for the health care industry. Also, it was one of the early adopters of various technologies like RFID Tags, Bar Code Scanning Pharmacy Robotics, etc. 

Throughout the Covid-19 Pandemic, McKesson played a crucial role in vaccine distribution and became one of the core distributors for the U.S government and distribute hundreds and millions of Covid vaccine doses and ancillary supply kits for more than one billion vaccine doses all over the United States. 

The company underwent and emerged from one of the worst accounting scandals in the 20th Century which is known as the McKesson and Robinson Scandal which changed the entire American auditing rules and regulations when it was exposed in the year 1938. 

In the year 1999 McKesson acquired a medical information System HBO and Company (HBOC). For good long two years, the company was operated as McKesson-HBOC. 

However, there were a lot of accounting issues going on at HBOC which resulted in a 50% fall in its share price which resulted in various dismissals and prosecution of many HBOC executives. Finally, in 2001, McKesson was termed, McKesson. 

The company has increased its market share and dominance through various acquisitions which include Per Se technologies, Relay health in 2006, and Practice Partner in 2007. 

However, their acquisition of US Oncology in 2010 for whopping 2.1 billion dollars was then integrated into the McKesson Specialty Health Business. 

McKesson’s CEO in 2013 had a record pension worth 159 million dollars which was the largest record pension on file for a current executive of a Public Company. 

2. McKesson’s Divisions: 

1. Provider technologies: 

McKesson Provider Technologies is the retail name of McKesson Technology Solutions, there customer base is spread all over the United States which includes 50% of health systems, 20% of all Physician’s Practices, 25% of Home care agencies, and finally a large base of 77% of health systems with more than 200 beds.  

McKesson acquired an Israeli company named Medcon Ltd in the year 2005 which deals with Web-based cardiac Information and Management solutions. 

In the year 2013 McKesson also acquired a 50% stake in a German company named Celesio for huge 8.3 billion dollars. 

2. McKesson Medical Supplies and Equipment: 

McKesson Medical-Surgical (MMS) offers a lot of health care brands along with McKesson’s own, exclusive brand of medical products. 

Some of the McKessons Products are: 

1. McKesson's Saline Irrigation Solution is a simple sodium chloride solution that is utilized for moistening wound dressing, wound debridement, and also device irrigation. It comes in 0.9% Sterile Saline in a 250ml Plastic Bottle. 

2. Adhesive and Tape Remover Wipes. Are used for removing adhesive taping, adhesive residue, and Ostomy Pouches from the skin. It also cleanses skin and removes debris from peristomal skin. 

3. McKesson's Bath bench with removable Back is a latex-free aluminum bath bench that is corrosion-resistant, and non-slip which reduces the risk of slipping.   

Their online medical supply platform supports Physician offices, surgery centers, labs, long-term facilities, etc. 

In 2015 McKesson opened their new HQ in Virginia. 

3. Health Mart Pharmacy Franchise: 

Health Mart is a chain of more than 4,000 pharmacies that are owned independently. It is a fully acquired subsidiary of McKesson, which owns the name Health Mart, McKesson acquired this company in October 1996 from its owner FoxMeyer. 

4. Moosewood Wine Company: 

McKesson was in the wine business previously before they shifted their entire attention towards pharmaceuticals. They operated a unit named Moosewood Wine Company from the year 1978 to 1987 post that it was sold so that McKesson could only focus on Pharmaceuticals.  

3. The Opioid Crisis: 

When we talk about McKesson we have to speak about the Opioid Crisis. The crisis started in the year 2008 when McKesson paid a huge fine of 13 million dollars because they fail to report some gigantic orders from hydrocodone. 

Again in 2017 McKesson paid a fine of $150 million for similar allegations of the Controlled Substance Act regarding Opioids. 

Recently back in May 202 during the Covid-19 crisis, Oklahoma’s Attorney General Mike Hunter sued McKesson in Bryan County Court Oklahoma stating that, McKesson fueled the Opioid crisis in Oklahoma. 

There were another 2 companies involved in the case named cardinal health and American Source Bergen. All three lawsuits alleged that the companies supplied enough Opioids to Bryan County where the people living in the county could have had 144 hydrocodone tablets. 

Finally, in January 2022, Cardinal Health, American Source Bergen, McKesson, and Johnson & Johnson agreed to pay a whopping $26 billion to settle everything, but if five of the states suing them, if the states would have gone to court they would have had to pay 95 billion dollars in penalties. 

Conclusion: 

We are an online medical supply store that provides quality products for all types of medical needs. We work with all kinds of a supplier to find the best possible product as per your needs. If you want to know more about McKesson products or are interested in buying any other products feel free to visit medonthego.com.