Thursday, September 22, 2016

CEO of EpiPen Maker Defends Price

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The head of Mylan Inc. the maker of the EpiPen, Heather Bresch faced though questioning Wednesday from republicans and Democrats in the congress probing price increases for EpiPen allergy treatment. She defended her company’s massive price hike for the life-saving allergy medication by claiming it offers rebates and discounts to customers.

The price of EpiPens has been increased 17 times  for a mind-blowing total of 546% since Mylan launched the product in 2007. This is outrageous especially knowing that the same product can be purchased in canada for 100 dollars. Header earnings last year were closed to 19 million dollars making her become one of the drug industry's highest-paid CEOs.

Under pressure the CEO said that she is not lowering the high price tag instead blaming it on the US health care system which allows companies to decide what drugs should cost. In Canada, government negotiates lower drug prices while the US is the only developed country that allows drug makers dictate the cost to consumers.

I'm actually glad this issue came to the spotlight. It's not just Mylan, it's most pharmaceutical companies and hospitals that use life or death emergencies to put people's lives up for ransom. Our government approves these drug company monopolies and the drug companies shaft it to the consumer and then pay to get their political allies back in office to approve even more monopolies. It's absolutely sickening!

1 comment:

  1. This has become the new normal when it come to pharmaceuticals and health insurance companies. I am not opposed to universal health care as a legislation, however due to the rushed effort of ObamaCare many health related companies have taken advantage of consumers and patients alike. I've personally been hit by this move by these companies as my health insurance went up almost 60% even though I have no health issues of any kind.
    Just because now everyone has health insurance should not give reason to Pharmaceutical companies to hike prices. It is truly sicking that they are taking advantage of people, particularly with the EpiPen which for many it is a matter of life or death.