Got allergies? How Severe? Hope they aren’t life threatening, one would have to make a small business loan to afford many of the EPiPens.
EpiPen costs have risen over 400 percent in the past seven years. For those that are not as familiar with the purpose of an EpiPen, they are absolutely vital for survival in an emergency situation. Millions of Americans have allergies, and some of those allergic reactions can be life-threatening. An EpiPen carries a concise dosage of adrenaline to be injected in the case of a severe allergic reaction. The medicine assists the body in fighting the swelling and airway constriction commonly caused by a bee sting or food allergy.
In 2009, the average cost of an EpiPen was $100. The most recent average cost of an EpiPen has risen to $600 per unit. For a family lacking the proper health care or proper insurance, the price of this life-saving adrenaline administration device is virtually out of reach financially. There is not much diversity or many options for patients to seek the drug else ware, either. The company responsible for almost every type of EpiPen on the market is Mylan. They dominate the market, and their current CEO, Heather Bresch, has most certainly capitalized on the company’s domination.
Once again, in 2009, Mylan CEO, Heather Bresch had a yearly salary of around $1.5 million. She is now banking over $10 million a year. Some estimates even push her income a bit higher, suggesting she pulls over $12 million per year. The company as a whole isn’t doing so bad either. Mylan profits from allergy drugs have risen from $343 million in 2010 to $1 billion in 2015. The rise in EpiPen costs has clearly benefited big pharma, but at what cost?
The inflated cost of an EpiPen has gone unchecked for so long due to the necessity of the drug. People who need an EpiPen on hand cannot afford to opt out of paying whatever price the company sets. The controversy over the cost of an EpiPen began when a group of parents and users posted a petition online asking others to contact members of Congress and urge them to address the issue of price gouging. There were over 100,000 pleas for help sent to countless members of Congress.
Recently, a Senator from Minnesota made moves to convince the Senate Judiciary Committee to investigate the unjustified inflation of the cost of an EpiPen. Sen. Klobuchar shared a personal connection to the injustice as her daughter is among the millions of Americans that depend on the EpiPen in critical moments. Klobuchar has recently been in contact with Mylan’s CEO, though there have currently not been any positive plans for the future released to the public.
In addition, the AMA (American Medical Association), questioned Mylan’s motives. AMA representatives have seen indications for a small rise in the cost of an EpiPen, but no foreseeable reason to account for a 400 percent increase over only a five to six-year span of time. The EpiPen’s chemical formula has not been altered since 2009. There is no clear reason why the price of the product should have been raised so drastically and so quickly. The insane rise in the cost of an EpiPen is supremely dangerous, because it will either force patients to go without their medicine, or it will force low-income families to go without other vital necessities. For business owners this may not be an issue but working class American is the ones that will suffer.
Mylan’s proverbial moral compass has come into question. How can the company justify such a hike in the price of such a common and essential medication? Why has it taken this long for the right people to take notice? Another question we must ask ourselves is this: Does the responsibility fall solely upon the pharmaceutical company, or is our nation’s health care system to blame?
The most likely answer is a little of both. It is no secret that our nation’s healthcare system could use a great deal of reform. It is also well known that the U.S. does not have the best insurance options and capabilities, especially for the impoverished. Maybe just a bit of perspective is the best remedy for these large corporations. CEO of Mylan, Heather Bresch, is taking home over $10 million a year, while some little poor kid in a rural town is living in fear… hoping that he/she won’t step on a bee in the back yard.
These over sized companies quickly become detached from their customer base when millions and billions of dollars are involved. It’s an age-old dilemma. It wouldn’t be surprising if Mylan drew up some sort of “help the people” initiative in the very near future. They will do all they can to avert the negative publicity surrounding the rise in cost of an EpiPen long enough to reel in just a few more millions, before ultimately lowering the price a small fraction and calling it a kind gesture to humanity.