Proxy filings show that from 2007 to 2015, Mylan CEO Heather Bresch's total compensation went from $2,453,456 to $18,931,068, a 671 percent increase. During the same period, the company raised EpiPen prices, with the average wholesale price going from $56.64 to $317.82, a 461 percent increase, according to data provided by Connecture.
In 2007 the company bought the rights to EpiPen, a device used to provide emergency epinephrine to stop a potentially fatal allergic reaction and began raising its price. In 2008 and 2009, Mylan raised the price by 5 percent. At the end of 2009 it tried out a 19 percent hike. The years 2010-2013 saw a succession of 10 percent price hikes.
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19 comments:
She must be related to Hillary
So?
Where's the story here?
Isn't this called "Capitalism"?
"Free Enterprise"?
In today's society both those terms seem to be despised and hated.
It's simply called 'making money' monitoring supply and demand, and charging whatever the market will bear.
Good for them. I wish I was a stockholder in 2007.
cheaper to buy it in canada or mexico just like most other prescription drugs
6:57 and your ignorance is part of the problem. I can assume you do not need an epipen.
So???? Seriously???? You're okay with price gouging??
Here's the real story: the pharmaceutical company is run by Democratic U.S. Sen. Joe Manchin’s. A little "insider" trading perhaps??
6:57 - you win the disgusting human being of the day award.
Congrats.
6:57 must be living off the gumment! Gets their drugs free on the taxpayers dime!
7:32AM: "Price Gouging"...no such thing, unless you're a Socialist.
Oh but it is perfectly acceptable to provide Methadone, clean needles, and Narcan to save a Junkie's life, but someone who actually needs a medication has to pay out the nose for it or die! Oh but 6:57 says it's perfectly fine! What the hell has happened to America?
but I thought the Democrats really CARED for the little people!
I'm far more capitalist than you'll probably ever be. Price gouging destroys free market capitalism. It panders to government support of cronyism. Go read some basic economics books.
Not too many Libertarians here.
I agree with 6:57. Why? Because the next step is more government regulation, or, even worse, the government takes over the Epipen business.
Me, I think the price of gas is much too high. I need gas to take me to work, therefore I need gas to survive. So should the government step in and regulate those prices?
Where does it end?
While not needed to survive, a fountain Coke at McDonald's costs them less than 14 cents. They charge $2.75. Obscene profits?
Anyone notice that the price increase has corresponded with the massive increase in television advertising?
What this company has done is shameful, evidently they had already been making enough money on this to operate since the epi pen came out, now they care nothing of the consumers who need this and can die if they can't afford it. If their is another provider out there who isn't so $ hungry let it be known so that it can be purchased and we can push the current company into bankruptcy it would be justice!!!
Two points for people that are angry about this:
1. Do you really want the government to get involved in the profits of a publicly-owned company?
2. Do you think for one minute that someone who needed that Epipen to survive and didn't have the funds - or the insurance - to buy them, could not find a way to obtain what they needed?
I have no doubt whatsoever that this company would supply someone, free of charge, in dire need of this item.
If not them, then go to our government; then try the clinics; then try the churches; etc., etc., etc.
9:43
There is nothing wrong with the original idea for Capitalism.
However, what we live under is Monopoly Capitalism.
Big difference. There is no free price discovery. It is a manipulated price (price fixing). Much what the FED engages in with interest rates, LIBOR, COMEX, FOREX, so on.,
The government will not allow a company that merged to have both companies in the same town (that's why we are losing Giant in Salisbury) yet they will allow this. I don't see a difference. If they are afraid Giant/Food lion will become a monopoly and are closing stores why can't they do something about this? The EpiPen is a life saver.
Simple solution. Don't buy any products this company sells.
Anonymous Anonymous said...
So?
Where's the story here?
Isn't this called "Capitalism"?
"Free Enterprise"?
In today's society both those terms seem to be despised and hated.
It's simply called 'making money' monitoring supply and demand, and charging whatever the market will bear.
Good for them. I wish I was a stockholder in 2007.
August 25, 2016 at 6:57 AM
No, it's called price gouging. Anyone can charge whatever the market will bear but this is borderline illegal. And just remember, after their lobbyists got the lawmakers to make each and every public school purchase one, they hiked the price. Now I ask you, who do you think paid for each and every one of those epi-pens for each and every public school? YOU and ME and every other taxpayer. I hope you enjoy being raped by such a company.
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