The board of directors at Mylan have rewarded former CEO Robert Coury with a $98m bonus as he steps into the executive chairman's role, having overseen a price-gouging scandal over the Epipens used by people prone to life-threatening allergic reactions.
The FDA's Sept 6 warning letter to Epipen manufacturer Meridian (a division of Pfizer) condemns the company for knowingly shipping out defective products that led to the death of the customers who paid hyper-inflated prices for the devices, which Meridian manufactured for notorious pharma profiteers Mylan.
Pretomanid, developed by the non-profit TB Alliance, offers a new, safer and more effective treatment for tuberculosis. The non-profit is organized to improve access and affordability of life-saving treatments, but has currently only allowed one drug manufacturer to produce pretomanid. Doctors without Borders fears high prices will limit availability. — Read the rest
The EpiPen is a widely used medical device that delivers emergency medication to prevent someone with a severe allergic reaction from going into anaphylactic shock. There's a shortage of EpiPens across the United States. Parents of kids with serious allergies are worried about sending their kids back to school without one.
The head of the pharmaceutical company that makes EpiPens raised the price of the life-saving device by over 400%. She was rewarded with a 671% raise.
Didn't it seem strange that Mylan, the pharmaceutical company that makes the EpiPen, enjoyed a stock price rally when the news came out in October that it was going to have to give the US government $465 million for overcharging Medicare? — Read the rest
Mylan, the company with a monopoly on FDA-improved epinephrine auto-injectors ("epipens") has quintupled the price of their life-saving technology since 2004, to $600/unit (and they have the be thrown out and replaced every year); for this, Mylan CEO Heather Bresch (daughter of US senator Joe Manchin, who secured her initial job interview through political connections while he was Governor of West Virginia, moving her laterally from her gig as an aerobics instructor) received a 671% raise , bringing her compensation up to $18,931,068.
The price of Epipens — purchased annually by people with severe allergies and stocked in the first-aid cabinets of schools, businesses, and ambulances — more than quintupled in a decade, thanks to the tactics of Mylan CEO Heather Bresch (daughter of Senator Joe Manchin [D-WV]), who took home a 671% raise for her work, which raised this lifesaving technology's pricetag beyond the reach of many people, who turned to low-cost DIY alternatives.
Epipens — self-injection sticks carried by people with deadly allergies, which have to be replaced twice a year — were developed by NASA at taxpayer expense, were patented by a government scientist who receives no royalties, require no marketing, and have gone from as little as $60 each to up to $606 in a few short years (during which time the company has switched to selling them exclusively in two-packs).
Good news for people with life-threatening allergies who need to carry around EpiPen injectors. A new auto-injector is coming that is smaller and has a longer shelf life. It's called Abiliject.
Pfizer's patent on pregabalin — an anti-epilepsy med — expires this year, but there's another patent on using the public domain drug to treat neuropathic pain; in a shocking letter to UK doctors, the pharma giant warns of dire consequences should medical professionals dare to prescribe the generic for the patented use.