Mylan CEO to answer for EpiPen price hikes
NEW YORK– The CEO of Mylan is headed to Capitol Hill on Wednesday to answer for the skyrocketing cost of the company’s EpiPen allergy treatment.
Heather Bresch will defend her company before the House Oversight Committee by saying the company isn’t pocketing massive profits by jacking up the cost of the EpiPen, according to her prepared testimony.
The committee’s top members have said they are sympathetic to the outrage of families and schools struggling to afford the device, which injects a dose of epinephrine to stop life-threatening allergic reactions. The hearing begins at 2 p.m. ET.
The cost of an EpiPen two-pack has risen about 400% since 2009, to $600. Parents launched an online petition asking Congress to stop what they called price gouging.
Before the committee, Bresch plans to blame the misconception about big profits in part on “the complex environment in which pharmaceutical prices are determined,” according to her prepared testimony, which was obtained by CNNMoney on Tuesday.
“I think many people incorrectly assume we make $600 off each EpiPen,” Bresch plans to say. “This is simply not true.”
In an CNBC interview last month, Bresch also blamed the price hikes on a “broken” health care system that “incentivizes higher prices” in the industry.