EpiPen Maker Pledges Price Reduction After Outcry Over Price Hike
The public lambasting Mylan Pharmaceutical has received after word spread over the astronomical price hike of its EpiPen has caused the company to reverse course. On Thursday, Mylan, which makes the EpiPen, announced according to multiple reports it would provide savings cards worth $300 to individuals who have been paying full out-of-pocket price for the allergy device. The savings card will effectively reduce the cost of the EpiPen by 50 percent, The Hill reported.
The move comes after a public outcry over a 400 percent increase in the price of the allergy device, which is at times a life-saving item for those with severe allergies. The price increase began roughly in 2008, but the company has provided little explanation for the increase, prompting lawmakers in Washington to demand the company testify before Congress to justify the increase. After the first reports of the price increase surfaced, Mylan said in a statement, the price “changed over time to better reflect important product features and the value the product provides,” and that “we’ve made a significant investment to support the device over the past years.” But on Wednesday, news began surfacing that Mylan’s CEO, Heather Bresch, has seen a pay increase from $2.5 million to $18.9 million during the same time period as the EpiPen price increase, which is likely not directly correlated, but paints a bad image of the company in light of the recent findings. Bresch, daughter of West Virginia Senator Joe Manchin, responded to the price increase in a statement on Thursday. “We have been a long-term, committed partner to the allergy community and are taking immediate action to help ensure that everyone who needs an EpiPen® Auto-Injector gets one,” said Bresch. For now, the savings card may help those who can’t afford the EpiPen get one, but the outrage over the price increase doesn’t seem to be slowing down.
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