Associated Press photos
Mylan CEO Heather Bresch refers to a chart while testifying before a House committee on Capitol Hill on Wednesday. The list price of EpiPens has increased more than 500 percent since 2007.
Bresch said her company makes only $50 in profit on each EpiPen, a figure that Rep Jason Chaffetz, R-Utah, says is “a little hard to believe.”
September 22, 2016 1:01 AM
EpiPen maker takes heat
'Never intended this,' CEO tells House committee
MARY CLARE JALONICK | Associated Press
WASHINGTON – Outraged Republican and Democratic lawmakers 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.
Mylan CEO Heather Bresch held up an EpiPen as she 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,” she said, but maintained 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 over 500 percent since 2007.
Opening the hearing, House Oversight Chairman Rep. Jason Chaffetz, R-Utah, said high executive pay at Mylan “doesn’t add up for a lot of people.” Chaffetz said executives made $300 million over five years as the 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.”
Bresch said the company makes only $50 in profit on each EpiPen. But Chaffetz said he finds that “a little hard to believe.”
Bresch said Mylan will begin selling its generic version for $300 for a pair.
But Chaffetz was skeptical the company will lose money on the generic versions.
“This is why we don’t believe you,” he said.