Clinton frequently said during the primary that she would fight pharmaceutical companies – part of an attempt to counter criticism that she was too closely tied to the insurance industry.
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The complete Clinton plan for lower prescription drug costs is available online. The injectors now cost over $600 and still expire after a year, so it may be tempting to carry an expired EpiPen, or none at all.
Conversely, the Direxion Daily S&P Biotech Bear 3X Shares (NYSE: LABD) was up more than 7 percent at $22.24. “Mylan is endangering lives and ripping off the country”.
And the US government has very little control when it comes to how drug prices are set, especially when they’re under market exclusivity, the authors said.
That’s how the drug has become a cash cow for Mylan, which a year ago moved its headquarters from the U.S.to the Netherlands.
The White House took a more cautious tone in criticizing rising drug costs, refusing to comment on the decisions of an individual company.
Pharmaceutical companies that are the first to develop a particular drug have exclusive rights on it for a period of time before they face competition from less expensive alternatives, the authors said, which means they can set their own prices, or hike prices if they anticipate losing money to the competition.
While no official hearing over the EpiPen price hike has been scheduled, one of the top Democrats on the Oversight Committee, Elijah Cummings of Maryland revealed that he is interested in meeting with lawmakers about the situation when they return from their summer breaks to Washington in September.
Sens. Amy Klobuchar of Minnesota and Richard Blumenthal of CT want the Federal Trade Commission to investigate Mylan for possible antitrust violations.
Hillary Clinton, whom Manchin has endorsed for president, called the increase “outrageous”.
Senate Judiciary Chairman Chuck Grassley, Iowa-R., wrote Mylan chief executive Heather Bresch inquiring about the price hike of the popular drug used to counter anaphylaxis. She also called on Mylan to reduce the price.
“While Americans are dying because they can’t afford Mylan’s egregious drug prices, the company’s CEO got a 671% raise to over $18 million”, the former presidential contender said. In March, she released a campaign ad vowing to target the company specifically. Thankfully, family insurance covered much of the cost, but Michelle said she was stunned to hear what one pack would cost before insurance.
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It is not clear if Mylan followed through with its pledge or what the cost of the drugs is today. The Senate Judiciary Committee is asking Mylan for details on why they raised prices, but that’s only because they’re hoping to find violations of antitrust laws. “Not only is this alarming price increase unjustified, it puts life-saving treatment out of reach to the consumers who need it most”.
