Mylan Execs Gave Themselves Raises As They Hiked EpiPen Prices

[workinclasszero]

Mylan Execs Gave Themselves Raises As They Hiked EpiPen Prices
by BEN POPKEN

EpiPen prices aren't the only thing to jump at Mylan. Executive salaries have also seen a stratospheric uptick.

Proxy filings show that from 2007 to 2015, Mylan CEO Heather Bresch's total compensation went from $2,453,456 to $18,931,068, a 671 percent increase. During the same period, the company raised EpiPen prices, with the average wholesale price going from $56.64 to $317.82, a 461 percent increase, according to data provided by Connecture.

In 2007 the company bought the rights to EpiPen, a device used to provide emergency epinephrine to stop a potentially fatal allergic reaction and began raising its price. In 2008 and 2009, Mylan raised the price by 5 percent. At the end of 2009 it tried out a 19 percent hike. The years 2010-2013 saw a succession of 10 percent price hikes.

http://www.nbcnews.com/business/consumer/mylan-execs-gave-themselves-raises-they-hiked-epipen-prices-n636591

[CurtEastPoint]

1. CEO is Joe Manchin's daughter. Shameful.

[workinclasszero]

2. That is even more sickening

Damn

[bluesbassman]

3. Wow, what market geniuses Mylan has at the helm!

Acquire a life saving drug that you have a monopoly on and jack up the price 471%. What bold and creative thinkers they are! Surprized the rest of the industry has jumped on board this approach.

[Warpy]

4. They're acting like a classic monopoly

The US has two options open and Congress would have to act to do either. First, change the law so that insurance plans including Medicare Part D can accept bids on drug prices, something that would slaughter Mylan on their other drugs or second, authorize the government to start manufacturing essential drugs held by monopolies.

Nothing will happen while the Clown Congress is in session. A credible threat of either policy after the new Congress opens would bring that price down really fast, monopoly or not. Until and unless that happens, people who want to live are going to have to pay through the nose for the privilege.

[Elwood P Dowd]

5. I live on Social Security and have to pay $600.00 for two.

They come in packs of 2 only!

This is reverse Robin Hood -- stealing from the poor to put money into the pockets of the rich. Joe Manchin's witch of a daughter is a disgusting human being.

[smirkymonkey]

9. That is absolutely criminal! It makes me sick!

I'm sorry you are getting so screwed by these vultures. They are vile excuses for human beings!

[Ruby the Liberal]

6. Pay raises in a pharma monopoly?

Who would have ever thunk it possible.

Edit -- MYL is down 4.76% today. If congress won't act, maybe the "free hand of the market" will. Greedy bastards.

[Ilsa]

7. Ghouls and thieves.

"Give us all of your money or you'll die."

[Calculating]

8. Pretty much

Mylan didn't even develop the drugs. They just bought out the company that did and decided to raise prices because people have no alternatives. Big pharma in America is guilty of some pretty evil and shameful activity. Do you put food on the table, or risk your kid dying from not having epi-pens? The sociopath execs of these pharma companies don't care. They only see big bonuses to be had. To a sociopath, human beings are nothing more than assets to exploit.

[workinclasszero]

13. "Give us all of your money or you'll die."

Is unrestrained capitalism. We either control it or it kills us.

See climate change too.

[AwakeAtLast]

10. Anyone got a spare pitchfork?

I think it's about that time.

[blue neen]

12. It is, indeed.

[blue neen]

11. We should find a way to boycott Mylan.

I just checked our prescription bottles, all generics at this time. The labels printed out by the pharmacy show who is the manufacturer of that medication. Found one made by Mylan.

Pharmacies can't always control the manufacturers/suppliers of their generics, but if they have a choice, I'll request non-Mylan generics. If that pharmacy can't do it, maybe another can.

It's worth it to go out of our way on this issue.