Please, Please, Help Me Make Sense of This
#1: Mylan raises the cost of the EpiPen 450%:
#2: Heather Bresch, CEO of Mylan, the corporation that sells the EpiPen, says this:
“No one’s more frustrated than me” and “My frustration is there’s a list price of $608.”
#3: And yet EpiPen is not the only product for which Mylan jacked the price. For example:
- 542% increase for ursodiol, a generic medication used to treat gallstones
- 444% increase in metoclopramide, a generic medication commonly used to treat gastroesophageal reflux disease (GERD) and gastroparesis
- 400% increase in dicyclomine, a medication used to treat irritable bowel syndrome
#4: Meanwhile Bresch’s total compensation in 2015 as CEO of Mylan — base salary, stock award, option award, non-equity incentive plan compensation, changes in pension value and non-qualified deferred compensation earnings, company car, corporate jet, 401(k), restoration plan contribution — was $18,931,068. In 2007, it was $2,453,456. That’s a 671% increase in eight years.
#5: Meanwhile, earlier this month, on August 9, Bresch sold $5,000,000 worth of her Mylan stock, the same day that her corporation released its earnings report.
#6: And with all the adverse sentiment among investors about Mylan’s pricing strategy this is what the share price of Mylan has looked like in the last 3 months:
#7: Oh, and in 2015, Mylan moved its corporate address to the Netherlands.
#8: Oh, and there’s this, too: the corporation spent millions in 2012-2013 lobbying Congress to broaden its market for EpiPens (from Bloomberg News):
#9: Oh, and Bresch’s father is a United States senator.