Twenty Democratic senators signed the eight-page note demanding answers by September 12 on the company’s decision to hike prices by more than 500 percent since 2007.
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The letter was sent to the CEO of the company Heather Bresh.
The senators asked for specific details about the use of discount coupons, copay subsidies and the ways Mylan planned to inform consumers of the expanded programs.
The senators said in a letter Tuesday that price hikes of more than 500 percent have jeopardized access to emergency allergy shots for many Americans. Joe Manchin of West Virginia. Mylan reduced the out-of-pocket costs of EpiPen for some patients last week amid a wave of criticism from lawmakers and the public over the rapid escalation in the product’s price in the past few years. “Mylan’s near monopoly on the epinephrine auto-injector market has allowed you to increase prices well beyond those that are justified by any increase in the costs of manufacturing the EpiPen”.
Families and patients of his have relayed concerns about the price of EpiPens and that is why he says he’s shifting his practice to talk about the generic epinephrine auto-injector, along with coupons.
Earlier this year, applications for alternative auto-injectors from Teva and Adamis pharmaceutical companies were not approved by the FDA. To minimize this, Mylan has launched the generic version of the branded injection which has provided them with great commercial response.
Mylan New Zealand today said there are “no plans” to increase prices here – but it remains a nervous time for allergy sufferers.
Although a 2-pack of EpiPens cost about $600, Mylan, the company of EpiPen, will be making a generic version of the drug.
Health insurance doesn’t necessarily help all people who need EpiPens, because those with high deductibles must pay almost the total price. “When you raise prices because you can, an especially when it’s a lifesaving drug like EpiPen is … merits some real careful scrutiny”.
And now the company is also poised to preempt generic rivals and profit from risk-averse consumers’ affinity for brand-name drugs. This has left people who depend on EpiPens in a bad bind. It also said it will offer $300 copay cards, up from the current $100 per-prescription savings. The generic would be available to patients in the market in coming weeks.
The problem with this system thought is that individuals with no insurance or plans with incredibly high deductibles are increasingly likely to pay for the majority of the cost out of pocket. The EpiPen, which cost $57 in 2007, contains about $1 worth of epinephrine.
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Bresch, meanwhile, took home about $18 million in compensation past year and stands to make a lot more if she can substantially increase her company’s earnings per share by 2018.
