There are many people who suffer from allergies but those with severe allergies may need to carry a device known as an EpiPen. The medication in an EpiPen can help to keep an individual alive when they have a severe allergic reaction, known as anaphylaxis. It can occur for any type of allergy, including allergies to peanuts or bee stings.
When an individual suffers from anaphylactic shock, it can result in their airways being closed along with severe swelling and hives. The EpiPen is used to inject epinephrine quickly into the thigh, and it helps to keep the airways open.
There is only one problem, the EpiPen is outrageously unaffordable.
The EpiPen contains about one dollars worth of epinephrine. In 2007, the cost was $57. After the pharmaceutical company Mylan acquired it, the price was raised 400%. In the past few years, the largest changes occurred.
In 2013, the price was $264.50. In May 2015, it was $461. One year later, the cost was raised to $608.61.
This is an annual cost for most consumers because of the expiration date on the EpiPen.
The price increase is leading to calls for investigation. This is coming from a Senate Judiciary committee and the Federal Trade Commission, which are being asked to investigate the price setting practices.
There are other politicians who are also in agreement with the decision. They consider the price increase to be shocking, with Sen. Richard Blumenthal chiming in: “Sadly, this case is just the latest in a greedy trend of skyrocketing prescription drug prices that are hurting consumers, limiting health options, and strangling our economy.”
As of now, there is not an open investigation into the price of EpiPens.
It is not only politicians who are outraged, parents of children who are affected by severe allergies have expressed their fear and sadness. It is gouging the parents and may cause them to have to make decisions that could put the children’s lives at risk.
One mother spent well over $700 this year alone on EpiPens. She said, “The price of EpiPens has been getting progressively worse over the years, but now it is just obscene.”
Sarah Brown, another mother, opted to hold on to her existing EpiPen rather than paying $585 for new ones. That price included a $100 coupon. It’s a gamble, but she must take it.
Former pharmaceutical executive Martin Shkreli also came under fire in the past for drug price increases. He chimed in, calling Mylan vultures. He wanted to know what drives the company’s moral Compass.
The profits from the sale of EpiPen’s was $1.2 billion in 2015. When you add to that the fact that many of Mylan’s executives saw huge wage increases during the same time period, it is outrageous. Heather Bresch, the CEO, went from a salary of $2.5 million to nearly $19 million
Mylan has a monopoly over the product. A rival product, Auvi-Q, suspended production after a recall last year. The Federal drug administration has also rejected a generic competitor due to what they call “certain major deficiencies.”
The lack of competition is given Mylan brand domination and they are taking advantage of it. After all, people don’t call it an epinephrine autoinjector, they call it an EpiPen.
“This is a mainstream product that people carry, and it’s getting harder and harder for people to afford it,” said Senator Klobuchar. “It’s just another example of what we keep seeing, outrageous price increases when a monopoly situation ends up in a company’s lap.”
Mylan said that the cost to many commercially insured consumers is close to zero. Many who are not covered by insurance or who have a high deductible may find themselves in a difficult position. According to an allergy specialist, “When epinephrine only costs a few cents, but they’re going up to $500, personally I don’t think that’s ethically responsible.”
Mylan is justifying the price increase, saying that the cost is changed over time to reflect the multiple, important product features and the value that it provides. The bottom line is summed up nicely by Forbes magazine, when they said that they raised the price of the EpiPen because they could.
Via: Second Nexus
Be sure to share this with your friends on Facebook