Her predecessor as CEO made nearly $15 million in 2007, according to SEC filings. It now generates over $1 billion a year in revenue for the company. The discovery came after the school had received $20 million in donations from Mylan in 2003.
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There is no generic equivalent for the EpiPen, and those with high-deductible insurance plans are paying more out of pocket to cover the high costs.
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.
“With lives on the line, we urge the manufacturer to do all it can to rein in these exorbitant costs”, the AMA said in a statement.
Members of Congress have demanded more information on why the price for lifesaving EpiPens has skyrocketed.
Mylan raised its prices because it could get away with the scam.
On Wednesday, Clinton released a statement blasting her family foundation’s donor. People who are susceptible to such reactions are frequently advised to carry an EpiPen, which can deliver an immediate emergency jolt of adrenaline to reverse the symptoms. “And I have never seen Senator Manchin intervene himself in any of these cases involving this company”. “I am very disappointed and concerned”.
Sen. Amy Klobuchar, D-Minn., has asked the Federal Trade Commission to investigate whether Mylan has violated antitrust laws in its marketing of the EpiPen.
“Due to Mylan’s virtual monopoly of the epinephrine auto-injector market and its unique life-saving attribute, it is crucial that your product remains affordable for all Americans”, Blumenthal wrote.
Twelve Mylan drugs increased in price by more than 100%, including a 542% change for 300 milligram capsules of a gallstone remedy called ursodiol.
Sen. Charles Grassley, R-Iowa, and Sen.
“The recent price increase for EpiPens places a financial burden on those who desperately need this drug to prevent life threatening allergic reactions, which is why we have expressed our desire for an investigation of this issue and for the Committee to hold a hearing in September”, Cummings said Tuesday in a statement. Shelley Moore Capito, Manchin’s GOP counterpart in West Virginia, said questions on the increase should be answered “fully and promptly”.
The bigger danger is the company is forced to go easy on price increases on EpiPen and its other drugs.
French pharma company Sanofi, the one competitor of Mylan, pulled it’s epinephrine injecting device-Auvi-Q-in 2015 citing problems with inaccurate dosing and pricing, according to FiercePharma. I believe that our pharmaceutical and biotech industries can be an incredible source of American innovation, giving us revolutionary treatments for debilitating diseases.
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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.
