As the EpiPen ‘s price has risen, Mylan Pharmaceuticals CEO’s total compensation is up more than 600 percent over the past decade.
Advertisement
The treatments are used to quickly treat the severe allergic reaction known as anaphylaxis, which can include swelling of the tongue or throat, shortness of breath and a rash, according to USA Today. Not only that, but filing documents show that salaries of top execs at Mylan Pharmaceuticals *also* skyrocketed over the last eight years. Sheldon Berkowitz and Anupam Kharbanda, who both denounced the price increases as “unconscionable”.
The cost of the EpiPen, for people with severe allergies, has risen almost 500 percent since 2009. It also asks Mylan to provide a briefing to the committee’s staff by September 7.
Shkreli has no connection to Mylan and EpiPen.
EpiPen sales now bring in around $1 billion of revenue a year for Mylan.
EpiPen has a major stake in the US market with about a 90% share and few opponents to speak of.
Hillary Clinton has joined the chorus calling on Mylan Pharmaceutical NV to reduce the price of the EpiPen, the epinephrine auto-injector used by those with severe allergies to counter attacks of anaphylactic shock.
Many Wall Street analysts don’t expect the government will take action to force Mylan to roll back EpiPen prices, though the analysts say the attention could deter the company and some of its rivals from increasing drug prices further, thereby limiting one key tool for raising revenue.
CEO Heather Bresch’s salary ballooned 261 percent as she raked in more than $18 million previous year compared to just over $2 million in 2007, according to NBC News. Bresch is the daughter of Democratic Senator Joe Manchin of West Virginia.
While he said he wouldn’t “specifically second-guess the pricing strategy or the business practices”, of any one company, Earnest said the price hike “raises significant questions, even moral questions, in the minds of a lot of people”. “If the Senate Judiciary Committee holds a hearing – as I believe it should – it should include consumers, patients, health insurers and appropriate Mylan officials, no matter what their position”.
Senate Judiciary Chairman Chuck Grassley of Iowa, who is running for re-election, also wrote a letter to Mylan saying he was “concerned that the substantial price increase could limit access to a much-needed medication”, asking for an explanation by September 6, the day the Senate returns from its seven-week summer recess. “Grassley’s interest in the issue”.
Sen. Charles Grassley, Representative for Iowa, wrote Mylan and asked for more information on why the cost of the device has been increased.
Advertisement
Manchin spokesman Jonathan Kott said Wednesday the senator had no comment.
