This entire EpiPen price hike is an absolute joke. There comes a time when the citizens of America have to realize that no one is looking out for the best interests of anyone. Pharmaceutical companies use supply and demand to extort the most money from the pockets of hard working citizens. Medicine that costs pharmaceutical companies pennies on the dollar to produce are sold to the consumer for hundreds if not thousands of times more. A price hike that citizens can not afford, but where else do they turn for the medicine they need to stay alive?
While price hikes engage, top pharmaceutical executives give themselves enormous raises, salaries and bonus’.
Take the recent EpiPen price hike for example.
(via – NBCNews)
EpiPen prices aren’t the only thing to jump at Mylan. Executive salaries have also seen a stratospheric uptick.
Proxy filings show that from 2007 to 2015, Mylan CEO Heather Bresch’s total compensation went from $2,453,456 to $18,931,068, a 671 percent increase. During the same period, the company raised EpiPen prices, with the average wholesale price going from $56.64 to $317.82, a 461 percent increase, according to data provided by Connecture.
And while sales of the life-saving drug rose to provide 40 percent of the company’s operating profits in 2014, as Bloomberg reported, salaries for other Mylan executives also went up. In 2015, President Rajiv Malik’s base pay increased 11.1 percent to $1 million, and Chief Commercial Officer Anthony Mauro saw his jump 13.6 percent to $625,000.
The situation with Mylan is just a small slice in the grand old pie. This is happening time and time again with thousands of different medications yearly.
I can remember when my father was battling renal cancer, his doctor prescribed an anti-nausea medicine. The small bottle of 5 pills was a whopping $4,000. That is $800 per pill for a medicine that truly made him sicker than he already was. On what planet is the creation of a small pill anywhere near $800? It’s not, the pharm companies are simply raises the price to extort money from the insurance companies and heaven forbid you don’t have insurance…your…well…screwed.
I’m sure millions of American’s have their own stories about how they were bent over the pharmacy counter, feel free to share in the Facebook comments!
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