Congress Responds: A Congressional Investigation of Mylan
Last week, I gave an interview with Fox Business in which we discuss the skyrocketing price of EpiPens, Mylan’s monopoly and their 90% market share in the epinephrine auto-injector space.
In the days that followed, Mylan was first silent and then appeared “frustrated.” In response to an onslaught of negative press, the company is now offering a limited discount to some Americans (federal employees, Medicaid and Medicare patients are excluded), while continuing to maintain an almost 600% price increase.
This morning, the company announced it was going to fast-track a generic epinephrine injector, again raising the suspicion of analysts and parents who have been calling on this for decades. Competitors have tried for years to introduce an alternative, as recently as Adamis Pharmaceuticals, this summer. Within days of a PR hurricane and $3 billion loss in market cap, Mylan announces theirs will be ready “in weeks.”
In response, Congress today sent a letter to Mylan’s CEO requesting more information into the monopolistic practices,
which include pricing, concerns over anti-trust behavior with EpiPens in schools and more.
In this interview, I first call for a Congressional investigation. In the interview that I gave again today, in the midst of bipartisan concern over the business practices of this company, I called for it again.