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U.S. lawmakers blast Mylan CEO over 'sickening' EpiPen price hikes
Source: Reuters
BUSINESS NEWS | Wed Sep 21, 2016 | 6:05pm EDT
U.S. lawmakers blast Mylan CEO over 'sickening' EpiPen price hikes
By Toni Clarke | WASHINGTON
U.S. lawmakers on Wednesday blasted Mylan NV Chief Executive Heather Bresch for sharply increasing prices for the EpiPen emergency allergy treatment at a congressional hearing in which Republicans and Democrats questioned the reasons behind rising U.S. drug costs.
The House Committee on Oversight and Government Reform called Bresch to testify in the wake of public outrage over EpiPen, whose list price has risen to $600 for a pair of the devices compared with $100 in 2007.
Lawmakers in turn described the actions as "sickening," "disgusting" and showing "blatant disrespect" for American families who can no longer afford the life-saving device for children susceptible to severe allergic reactions.
At several points, they cut off Bresch's efforts to explain the intricacies of U.S. pharmaceutical pricing, including how health insurers and other payers take a percentage of treatment sales.
Several lawmakers noted EpiPen's growing profits over the same period as well as Bresch's annual salary, which has increased from around $2.5 million to more than $18 million. They also faulted the U.S. Food and Drug Administration for moving too slowly to allow competing products to reach the market.
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U.S. lawmakers blast Mylan CEO over 'sickening' EpiPen price hikes
By Toni Clarke | WASHINGTON
U.S. lawmakers on Wednesday blasted Mylan NV Chief Executive Heather Bresch for sharply increasing prices for the EpiPen emergency allergy treatment at a congressional hearing in which Republicans and Democrats questioned the reasons behind rising U.S. drug costs.
The House Committee on Oversight and Government Reform called Bresch to testify in the wake of public outrage over EpiPen, whose list price has risen to $600 for a pair of the devices compared with $100 in 2007.
Lawmakers in turn described the actions as "sickening," "disgusting" and showing "blatant disrespect" for American families who can no longer afford the life-saving device for children susceptible to severe allergic reactions.
At several points, they cut off Bresch's efforts to explain the intricacies of U.S. pharmaceutical pricing, including how health insurers and other payers take a percentage of treatment sales.
Several lawmakers noted EpiPen's growing profits over the same period as well as Bresch's annual salary, which has increased from around $2.5 million to more than $18 million. They also faulted the U.S. Food and Drug Administration for moving too slowly to allow competing products to reach the market.
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Read more: http://www.reuters.com/article/us-mylan-nl-epipen-congress-idUSKCN11R2OG