Mylan is under serious criticism for its enormous percent price hike in the EpiPen. The auto-injector is a medical device used to thwart anaphylaxis, commonly known as a severe, or even life-threatening allergic reaction.
According to the Associated Press, when Mylan took over the rights to the EpiPen, a pair of syringes cost $93.38. Since then, Mylan has continuously raised the prices over the last nine years. A twin-pack EpiPen now costs consumers $609, an increase of approximately 552 percent.
Heather Bresch, Mylan CEO, has defended the price hike by stating “No one is more frustrated than me,” she said on CNBC’s “Squawk Box.” Bresch blamed the hike on the state of the nation’s healthcare system, claiming that the consumer was never supposed to be paying out of pocket for the EpiPen.
Bresch, who is also the daughter of Sen. Joe Manchin, D-W.V., has been widely criticized by leaders from both parties. Yesterday, Sen. Susan Collins, R-Maine, and Democratic Sen. Claire McCaskill, D-Mo., demanded that Mylan explain the reasoning behind the drastic price increase.
In response to the recent media firestorm, Mylan is now offering a savings card that is reportedly worth $300 which will effectively cut the price of the EpiPen by 50 percent. Those without insurance, or who have high deductible plans, are eligible for the savings cards. In her CNBC interview Bresch also said “As a mother I can assure you that the last thing we could ever want is no one to have their EpiPen due to price.”
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Charlie May recently graduated from the Ramapo College of New Jersey, receiving a Bachelor's Degree in Journalism. His main focus is politics, national security, foreign affairs, money in politics, and investigative pieces. He hopes to bring a fresh, unique perspective to Bold.