Mylan NV MYL.O said it would reduce the patient cost of its severe allergy treatment drug EpiPen on Thursday, a day after Democratic Presidential candidate Hillary Clinton called for lower pricing of the drug.
Mylan pointed to a statement saying it was committed to ensuring patients have affordable access to the drug, and the company has given away more than 700,000 EpiPens to schools while paying all the out-of-pocket costs of 80% of commercially insured patients. “I$3 t’s wrong when drug companies put profits ahead of patients, raising prices without justifying the value behind them”, she said.
U.S. Sen. Charles Grassley, R-Iowa, wrote Mylan, the company that manufactures the devices, and asked for more information on why the prices have increased.
Local families have had to make financial cut backs in order to afford the rising cost of EpiPens for people with severe allergies.
Amsterdam-based Mylan has raised the price of Epipens by 400 percent since 2007, resulting in a storm of criticism against the company’s pricing practices.
The company, in addition to their other efforts, lobbied to the tune of $1.2 million to get two EpiPens per subscription. In a statement to NBC News, a spokesperson from the Federal Trade Commission said, “The Commission takes seriously its obligation to take action where pharmaceutical companies have violated the antitrust laws, and it will continue to closely scrutinize drug market competition on consumers’ behalf”.
US politicians, including presidential candidate Hillary Clinton and members of Congress, are demanding more information on why the price for lifesaving EpiPens has skyrocketed.
Congress helped create the current crisis when it passed a law strongly suggesting that states require schools to have EpiPens on hand, and almost all do.
Like other lawmakers now calling for an investigation of the massive hikes in the price of EpiPens, Sen.
CEO of Mylan, Heather Bresch, salary rose from $2,453,456 in 2007 and to $18,931,068 in 2015. 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. Joe Manchin’s daughter faces scrutiny for hiking prices on life-saving allergy injection pens, Manchin is remaining mum. If it turns out Mylan increased the price just because they felt like it, that’s totally legal.
A two-pack has risen from about $100 in 2008 to as much as $600 today.
“My insurance doesn’t cover the full cost, I have a high copay and they won’t cover the office visit unless I’ve hit my high out of pocket expenses”, Barber said.
The EpiPen is a huge moneymaker for Mylan.
Mylan has plowed substantial sums in recent years into acquisitions and producing biologic drugs.
Mylan spokeswoman Nina Devlin said in an email, “We have reached out to every member of Congress who has sent us a letter, and we look forward to meeting with them and responding to their questions as soon as possible”.