EpiPen manufacturer Mylan’s greedy price hikes are outrageous
- 8 years ago
MORGANTOWN, WEST VIRGINIA — The pharmaceutical company Mylan has been jacking up the prices on a slew of drugs they own.
Netherlands-based Mylan has recently been receiving heat for pumping up the price of its lifesaving EpiPen injector, which counteracts allergic reactions, by 500 percent since 2008.
Some customers now have to pay $600 for a package of two auto-injection pens, according to NBC News.
“Mylan has taken some exceptionally large price increases in 2016,” Wells Fargo senior analyst David Maris wrote in a June report.
“Mylan has raised the prices more than 20 percent on 24 products, and more than 100 percent on seven products,” Maris wrote.
CEO Heather Bresch has seen her salary shoot up nearly 700 percent from 2007 to 2015. According to NBC News, proxy filings show her compensation went from $2,453,456 to $18,931,068.
During this same time, EpiPen prices went from an average of $56.64 to $317.82, a 461 percent increase, according to data provided to NBC by Connecture.
Mylan even had the gall to tack on a 542 percent increase for the drug ursodiol, a generic medicine for gallstones.
Maris also noticed a 444 percent increase on metoclopramide, another generic medication, used to treat gastroesophageal reflux disease (GERD) and gastroparesis.
They also increased the price of Dicyclomine, a medication for irritable bowel syndrome, by 400 percent.
The drugmaker even increased the price 56 percent on one of its best selling generics, tolterodine, which is used to treat overactive bladders.
Netherlands-based Mylan has recently been receiving heat for pumping up the price of its lifesaving EpiPen injector, which counteracts allergic reactions, by 500 percent since 2008.
Some customers now have to pay $600 for a package of two auto-injection pens, according to NBC News.
“Mylan has taken some exceptionally large price increases in 2016,” Wells Fargo senior analyst David Maris wrote in a June report.
“Mylan has raised the prices more than 20 percent on 24 products, and more than 100 percent on seven products,” Maris wrote.
CEO Heather Bresch has seen her salary shoot up nearly 700 percent from 2007 to 2015. According to NBC News, proxy filings show her compensation went from $2,453,456 to $18,931,068.
During this same time, EpiPen prices went from an average of $56.64 to $317.82, a 461 percent increase, according to data provided to NBC by Connecture.
Mylan even had the gall to tack on a 542 percent increase for the drug ursodiol, a generic medicine for gallstones.
Maris also noticed a 444 percent increase on metoclopramide, another generic medication, used to treat gastroesophageal reflux disease (GERD) and gastroparesis.
They also increased the price of Dicyclomine, a medication for irritable bowel syndrome, by 400 percent.
The drugmaker even increased the price 56 percent on one of its best selling generics, tolterodine, which is used to treat overactive bladders.