Mylan Pharmaceuticals gained notoriety on par with Ryan Lochte with back-to-school news stories of its epic price hike on the EpiPen, a device that provides calibrated delivery of epinephrine in the case of anaphylaxis. Reports cited a 400% price increase for the devices, with families carrying high insurance deductibles bearing the greater burden to access a lifesaving, accurately calibrated bolus of epinephrine worth about $1. From 2007, when Mylan MYL -1.89% took on the autoinjector, the company built it from an apparently weakening enterprise into a pile of money that reportedly represents about 40% of its operating profits. But that 400% increase in wholesale price for EpiPen looks meager compared to the whopping 671% salary increase company CEO Heather Bresch is reported to have enjoyed in that same time period. According to NBC News, Bresch earned $2,453,456 in 2007, the year of the EpiPen acquisition. In 2015, Bresch’s total compensation was $18,931,068. It may have even been slightly more than that and appears to have been even more than that in 2014. ---------------------------------------------------------------------------------------------- Source: http://www.forbes.com/sites/emilywillingham/2016/08/23/ceo-of-mylan-pharmaceuticals-sees-671-salary-increase-in-8-years/#652c48674b23 ---------------------------------------------------------------------------------------------- I know people are going to hate me for saying this . . . But I think at some point we should really look into having extremely strict regulations put on the pharmaceutical industry. |
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| Yay for making business out of people's health and well-being! I'm obviously exaggerating but the current situation is ludicrous. |
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| Isn't this what insurance is for? |
| People who put MAL stats in their sigs are losers lol |
Psyotic said: Isn't this what insurance is for? That's the point in these hyperactive price increases. The pharmaceutical companies are trying to gouge the insurance companies, who in return, have to gouge their customers. |
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| There needs to be a cap on CEO salaries in big pharma. |
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| Can we hope for something similar to happen in this case as happened to that douchebag that bought the HIV medication and jacked its price up? But hey, this is one of those benefits to having privatized health care, right? It's a good thing because if we didn't let this happen we'd be Communists. I'd like to make over $2 mil salary just so that I could have the chance to understand what it's like to never have to worry about money and be able to buy/do whatever I wanted without hesitation and still be able to say, "this is not enough." |
Desert_GuyAug 25, 2016 7:02 AM
| Fuck every person who lives by *profit over lives*. These fuckers would be singing a different tune if they were on the side of someone struggling to pay bills. |
| We need Kira for this shit. I understand that as a business their major focus is profits, but it should not come at the cost of ethical conduct. Earning money is fine. Earning it at the cost of other people's lives or well being is criminal. They can be sued if they do this and if they do, I hope someone sues the fuck out of them and drives these bastards to bankruptcy. |
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| Funny how after a presidential candidate (Hilary) says she is going to make them change, plus a few bipartisan meetings about getting ready to investigate the company, and have them explain their reasoning to the price increase--the company decides to give out coupons to those that qualify, to help with the payment. $300 coupon for $600 medicine thats not worth more than $5 to produce- Priceless |
| "In the end the World really doesn't need a Superman. Just a Brave one" |
| Aren't there other means to administer epinephrine? The clinic in my home town for example, (which is privately owned), just administers Epinephrine out of the vial for a fraction of the cost. I've heard Epipens are mandatory in some schools, or at least Mylan is lobbying to make them mandatory at schools. That's the problem, and if anything other than greed that's why the price is inflated. Say if I'm wrong but isn't this a problem of over-regulation? Edit: "New state law will require schools to stock EpiPens for students with allergies" http://www.ocregister.com/articles/schools-645454-school-epipens.html And that's not to mention the FDA's regulation, making it impossible for new drugs to make it to the market in reasonable fashion. The delay that the FDA's creates can fabricate at least a temporary monopoly on a drug making the price inflate. If other drugs could get onto the market quicker then this wouldn't be a problem. |
-Krouton-Aug 27, 2016 1:17 PM
| Signature is too edgy for me. |
| I can't fault them for taking advantage of the system. The goal for every business is to maximize profits. It's not like this is the only example of price gouging in the medical industry either. A single trip to the Emergency Room for something minor will run you thousands. It's something like 25$ just for a single pill of asprin. |
Kmolson said: The EpiPen is a way to basically administer epinepherine easily and anywhere. So you don't have to pray you are near a hospital for example if you have an allergic reaction at a restaurant. Aren't there other means to administer epinephrine? The clinic in my home town for example, (which is privately owned), just administers Epinephrine out of the vial for a fraction of the cost. I've heard Epipens are mandatory in some schools, or at least Mylan is lobbying to make them mandatory at schools. That's the problem, and if anything other than greed that's why the price is inflated. Say if I'm wrong but isn't this a problem of over-regulation? Edit: "New state law will require schools to stock EpiPens for students with allergies" http://www.ocregister.com/articles/schools-645454-school-epipens.html And that's not to mention the FDA's regulation, making it impossible for new drugs to make it to the market in reasonable fashion. The delay that the FDA's creates can fabricate at least a temporary monopoly on a drug making the price inflate. If other drugs could get onto the market quicker then this wouldn't be a problem. As for FDA regulation, this is one of the more stupid things I have ever heard. The FDA essentially requires one to prove that their drug won't be fatal or damaging, and does what it claims it does (more the latter, since the former doesn't protect companies from lawsuits, however without the latter we would be back to the good 'ol days when cigarettes cured cancer and mercury cured anything). Without the FDA I could rename heroine as "cancer away", sell it as a cure to cancer, and make billions (of course, I wouldn't have to mention that it was really Heroine since no FDA means no regulations on publishing what the drug contains). But this is irrelevant, the process to get a drug FDA approved is nowhere near as long as your average patent on pharmaceutical drugs, which is what actually gives drug companies a "monopoly" over a specific market. So I suppose, if you are going to take the Libertarian approach, then you should really be arguing for the eradication of patents altogether. Of course, this would completely destroy any and all technological / medical / etc. advancements but hey, you could release a clone of w/e was released by another company rather rapidly (since you could also just use their research to get it fast tracked through the FDA). Of course, this all hinges on the belief that any company would spend money on research knowing full well it will immediately be undercut by a knock-off, meaning they lost millions (or billions) in research. |
Pirating_NinjaAug 27, 2016 1:49 PM
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Pirating_Ninja said: As for FDA regulation, this is one of the more stupid things I have ever heard. The FDA essentially requires one to prove that their drug won't be fatal or damaging, and does what it claims it does (more the latter, since the former doesn't protect companies from lawsuits, however without the latter we would be back to the good 'ol days when cigarettes cured cancer and mercury cured anything). Without the FDA I could rename heroine as "cancer away", sell it as a cure to cancer, and make billions (of course, I wouldn't have to mention that it was really Heroine since no FDA means no regulations on publishing what the drug contains). So I suppose, if you are going to take the Libertarian approach, then you should really be arguing for the eradication of patents altogether. Of course, this would completely destroy any and all technological / medical / etc. advancements but hey, you could release a clone of w/e was released by another company rather rapidly (since you could also just use their research to get it fast tracked through the FDA). Of course, this all hinges on the belief that any company would spend money on research knowing full well it will immediately be undercut by a knock-off, meaning they lost millions (or billions) in research. Well I wouldn't argue for the abolishment of the FDA or agencies like the FDA. Do you deny that the FDA is broken or at least inefficient? And the "libertarian" way wouldn't necessarily be to "abolish everything". Rather multiple private agencies would take the responsibility of vetting drugs. I don't think the patent is as big of an issue as you think it is. Mylan does not have a patent on the concept of an epinephrine auto-injector. There are other devices out there that have already bypassed the patent. It's not a matter of the patent, rather other devices are delayed by FDA regulation. Of course agencies like the FDA are necessary; I'm just not convinced any government agency can be efficient or incorrupt enough to provide a service so important as drug vetting. Edit: I'd also like to add that the CEO's father is a US senator and both have been advocating for increased regulation of the pharmaceutical industry by the FDA. Regulation doesn't hurt big business it only hurts small business; It takes out the competition without big business having to provide a better or cheaper service. |
-Krouton-Aug 27, 2016 6:47 PM
| Signature is too edgy for me. |
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