Mylan CEO defends EpiPen cost to angry lawmakers

Associated Press

WASHINGTON

Outraged Republican and Democratic lawmakers on Wednesday grilled the head of pharmaceutical company Mylan about the significant cost increase of its life-saving EpiPens and the profits for a company with sales in excess of $11 billion.

Defending the company’s business practices, Mylan CEO Heather Bresch told the House Oversight and Government Reform Committee that she wishes the company had “better anticipated the magnitude and acceleration” of the rising prices for some families.

“We never intended this,” Bresch said, but maintained that her company doesn’t make much profit from each emergency allergy shot.

The list price of EpiPens has grown to $608 for a two-pack, an increase of more than 500 percent since 2007. Families who rely on multiple EpiPens to respond when their children have allergic reactions, whether at home or at sporting events, have lashed out at Mylan in growing public outcry.

House Oversight Chairman Rep. Jason Chaffetz, R-Utah, said high executive pay at Mylan “doesn’t add up for a lot of people” as the EpiPen price has increased. Chaffetz said executives for the company made $300 million over five years while the list price for a pair of the emergency allergy shots rose.

“Parents don’t have a choice,” Chaffetz said. “If your loved one needs this, it better darn well be in your backpack.”