The high price Mylan pharmaceutical charges for EpiPen has sparked outrage. EpiPen prices went from about $90 to over $600. Just like the banking industry and Wall Street, I say it is time for stricter regulations. I believe in capitalism but I also believe that capitalism without regulations would be simply greed and chaos.
There is always the argument that price control will lead to decrease in research and development. But in this case, Mylan is a company that bought out the right to make EpiPen which means it did no research in making this product. The medicine itself is extremely old and sells for a couple bucks each dose. So mainly you are paying for the delivering system which is not a great invention. Basically at $90 a pop, Mylan would be making a great profit already. At $600 it is just plain greed. Mylan is mainly selling generic drugs, so I think its R and D department is not causing it much money. Even biotech giant Amgen is spending much of its money buying out small companies or their patents and in advertising and lobbying. The expenses for R and D of these drug companies are vastly exaggerated.
I think it would be the interest of industry to go along with some sort of reviewing board or price commission. It would be similar to utility boards and commissions. For some people medicines are as important or more important than utilities. If this is not done I think eventually there will be such a outcry that we will have socialize medicine where prices will be totally controlled by the government.
Monday, September 05, 2016
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Well, I wrote on your blog yesterday but now it's not up there. I find it hard to believe that the CEO of Mylan didn't realize there would be a huge blow back on this. Especially since she's the daughter of a senator. I am glad I don't have to use an epipen, though I think I am allergic to bee stings. I know quite a few people with food allergies and have one with them at all times. I also didn't realize there's a shelf life on these things.
ReplyDeleteI am assuming that Mylan does not have the patent to the drug, but don't understand why other companies are not making the drug and under cutting them. I am not a huge regulations guy, but it seems to me that something has to be done.
-LBOAYM