Heather Bresch may have to make a trip up to Capitol Hill to explain why there has been a 400 percent price hike for the EpiPen, emergency medicine to treat certain allergic reactions. If Bresch, the CEO of Mylan NV, is forced to justify her company’s decision, she will be among a familiar face since her father is Democratic Sen. Joe Manchin of West Virginia, according to Bloomberg.
Mylan is one of the latest drug companies that has sparked controversy for price hikes. Earlier this year, Martin Shkreli and executives from Turing Pharmaceuticals AG and Valeant Pharmaceuticals International Inc. were called before congressional committees to explain why they bought the rights to older drugs that didn’t really have competitors only to raise the prices.
When Mylan initially took over the sales of EpiPen back in 2007, a shot was about $57. However, prices have risen and some customers are now being forced to pay more than $600 for two auto-injectors. The product is a shot that is used to treat life-threatening allergic reactions.
Shkreli took to Twitter Wednesday to voice his support about the EpiPen price hike. He tweeted, “With 8% margins, Mylan is close to breaking even. Do we want them to lose $? Sole supplier of a life-saving drug should have a better margin.” He also slammed users who suggested that the CEO should be fired because her $1.3 million annual salary would make up for the margin gap.
Mylan has yet to issue a statement explaining the excessive price hike. While no official hearing over the EpiPen price hike has been scheduled, one of the top Democrats on the Oversight Committee, Elijah Cummings of Maryland revealed that he is interested in meeting with lawmakers about the situation when they return from their summer breaks to Washington in September.