The pharmaceutical company Mylan hiked the prices of EpiPen 461% while the CEO Helen Bresch hiked her salary 671%.
What Mylan CEO Heather Bresch did by raising the cost of EpiPens to over $600 for a two-pack is not Capitalism, it’s crony Capitalism. These pens only cost $70 in France.
Bresch is making an obscene profit off a life-saving drug used in emergency situations while she raised her salary by $19 million.
She raised her executives’ salaries obscenely also.
Her senatorial privilege is showing. She is the daughter of Senator Joe Manchin of West Virginia and has a history of getting away with things mere mortals could not.
In 2008, she was named the company’s chief executive partly thanks to a master’s degree in business administration from West Virginia University that was listed on her resume. Only she never got said degree. An investigation by the school, prompted by a newspaper report, found that some administrators had added courses and grades to her transcript to make it look as if she had completed the required coursework.
It made headlines across the state because her father was governor at the time and the school’s president, Mike Garrison, was a longtime family friend and former business associate.
She kept her job.
In 2015, she made headlines again when she traded U.S. corporate taxes, which at 39 percent are among the highest in the world, for a tax bill from a different country that is presumably less. It is unpopular with the American public and Hillary Clinton has spoken out against the practice as has Donald Trump.
Daily Caller revealed that Bresch is also a big Clinton Foundation donor and they have paid her back:
The Clinton Foundation partnered with Mylan at a time when it was raising prices on the EpiPen, which had been distributed by Merck.
Ironically, the company partnered in 2009 with the Clinton Foundation to provide a lower-cost alternative for four HIV drugs. Clinton Foundation records show that Mylan has donated between $100,000 and $250,000 to the Foundation. It is not clear when the donation was made, but it likely corresponded with the 2009 partnership.
According to a Clinton Foundation press release, Mylan pledged to offer the drugs for $425 per year by 2010. The cost was 28 percent lower than competing drugs, according to the Clinton Foundation.
Other Democrats, who helped squeeze out the competition that would have kept the prices lower, are tied to Mylan.
The controversy might not go away so easily. This week, Sen. Amy Klobuchar, D-Minn., ranking member of the Senate Judiciary Committee’s Antitrust Subcommittee, demanded hearings on the EpiPen’s 450 percent price increase in just seven years.
Hillary Clinton, in a statement today, called the situation “the latest troubling example of a company taking advantage of its consumers.” Her foundation, ironically, helped put her in the position she is in.
Things are pretty bad when infamous pharmaceutical price gouger Martin Shkreli calls Mylan “vultures.”
The Intercept reported:
From working in the company’s basement, she moved through the ranks to become Mylan’s chief lobbyist in 2002. In that position, she contributed to the 2003 Medicare prescription drug bill, which barred the federal insurance provider from bargaining with drug companies over prices. She was also key to the passage of the 2012 Generic Drug User Fee Act, which increased inspections of foreign facilities manufacturing drugs for the U.S. market. While it increased regulations at Mylan’s own sites outside the U.S., it also made it more difficult for foreign drugmakers to sell their products domestically, knocking out many of Mylan’s competitors.
They spent $1.2 million on lobbying. Then the government passed a law giving block grants to states requiring schools to stock EpiPens. Packages of EpiPens were required to be sold with two EpiPens.
The New York Times was in overdrive Friday with an article titled, Painted as EpiPen Villain, Mylan’s Chief Says She’s No Such Thing, which whitewashes and nearly sanctifies her as one who has improved access to drugs for the multitude. The Times is no longer an objective reporter. They are an arm of the Democrat Party.
This is what happens when government takes control of business and decides winners and losers.