Had we lowered the list price, I couldn’t insure that everyone that needs and EpiPen gets one.
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No, Mylan purchased Merck’s generic drug division – which included the EpiPen – in 2007 for $6 billion.
“Epipens are expensive and we don’t always get them in a timely fashion”. “Competition in the market is an essential component of ensuring lower costs”.
Weissman said EpiPen’s US price should be rolled back sharply, noting the product is available for as little as $112 in Canada. However, it doesn’t explain Mylan’s long history of price increases on the medicine. The pens are only sold in two-packs, running consumers as much as $600 each.
Bresch, daughter of Democratic US Senator Joe Manchin of West Virginia, said she contacted members of Congress over the past two days and asked to meet with them to discuss what she called an “unsustainable” drug pricing system. So to Mylan, he said this: “If you jack up the price by 500 percent, you’re damn right the premium will go up”. According to Bloomberg, earnings from EpiPen accounted for 40% of Mylan’s operating profit in 2014 alone.
So Andy Palumbo wrote an op-ed for the Huffington Post calling for Mylan CEO Heather Bresch to step down. Her total compensation was $2.45 million in 2007 and $18.9 million a year ago – a 671% increase. Patients who were previously paying the full price for the EpiPen will have their out-of-pocket cost cut by 50 percent.
“There’s still a really large balance remaining for the patient unfortunately on something that used to cost only $100”, said Lauren Cline, a pharmacist at the Drug Emporium. For example, a single EpiPen costs $112 at Canada Drugs, an online pharmacy, and roughly $66 at LloydsPharmacy in Great Britain, based on current exchange rates.
Mylan shares fell more than 10 per cent this week before rising 3.2 per cent on Thursday after announcement of the discount program.
Under pressure, Mylan said Thursday it would double eligibility for patient assistance to EpiPen users, eliminating immediate out-of-pocket costs for the uninsured and under-insured. It said that means a family of four making up to $97,200 would pay nothing out of pocket for the treatment.
In addition to expanding cost-cutting programs, Mylan is also continuing its “EpiPen4Schools” program. But since the wholesale price of the EpiPen is greater than the Adrenaclick, the difference will be picked up by employers, unions and government agencies and other insurance providers.
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“There’s no question the system is broken”.
