When the price of a two-pack of EpiPens rose from $100 to over $600 between 2009 and today, social media got ahold of that story and began to run with it. It was an easy story to run with since how can anyone explain the kind of greed that would lead someone to jack up the price on a medicine that schools and parents and hospitals use for emergencies—to save lives? What kind of monster? The pharmaceutical company Mylan would. On Wednesday, Mylan CEO Heather Bresch went down to give testimony to a congressional inquiry into what the hell Mylan thinks it’s doing.
"I know there is considerable concern and skepticism about the pricing," Bresch said. "I think many people incorrectly assume we make $600 off each EpiPen. This is simply not true."
Bresch said the company receives $274 per two-pack after rebates and fees are deducted. When factoring in "our cost of goods" and other "related costs," she said the company reaps a profit of $100 per two-pack.
First off, no one assumes you make $600 dollars if you charge $600 dollars. Don’t treat us like we are dummies, you dummy. Second, your “cost of goods” and your “related costs” are bullshit accounting practices. Do you know how much money movies like Titanic and Avatar “made” after “taxes” and “other costs?” Zero dollars. It’s amazing the film industry is still around considering how very little they make on movies. That was me being snarky, but I’m so angry it probably doesn’t come across as particularly funny.
After telling the committee Mylan thought that the $600 price was a fair price, she went on to explain that Mylan would make good with a promise of a $300 generic version of the mandated-in-schools drug. Thanks! If you think the price is “fair” at $600, why are you willing to cut that price in half? Are you a real life Mother Teresa? Don’t worry, while Bresch said that Mylan really didn’t make much money off of the exorbitant price hike, she forgot to bring any proof of her company’s revenue breakdown on the matter. Here are some other highlights:
- Mylan's EpiPen4Schools program took a serious beating. Rep. Tammy Duckworth called it a "monopoly" and seemed appalled that schools that entered the program had to sign a noncompete agreement. She was also mad that those schools didn't know that the president of the National Association of State Boards of Education who was lobbying them to join it was actually Bresch's mother.
- Bresch kept saying that her company saved the US $180 billion in medical expenses, but could never explain how.
The CEO also balked when asked if her company planned on raising the (still triple) price next year.
If you want to have a fit of anger you can read her prepared statement to Congress here.