I’ve grown really tired of the many examples of corporate greed rife in the pharmaceutical industry. We all know that “big pharma” means “big bucks,” but stories like those about Martin Shkreli are becoming all too common as drug prices continue to increase.
Thankfully, there are people out there who are fighting back! DIY medicine hacking collective Four Thieves Vinegar has come up with a DIY EpiPen that only costs around $30 to build on your own. You still need to obtain the Epinephrine by prescription, but you don’t need to break the bank for a spring-loaded injector.
Mylan claims that they raised their EpiPen price because they “still need to make a profit,” but since acquiring the rights to the EpiPen in 2007 they have raised the price from $57 to $318, a 458% increase. Notably, during that same time, Mylan’s CEO moved up from COO to President, then CEO, seeing her pay rise from $2,453,456 to $18,931,068, a 671% increase.
To add insult (and purjury?) to injury, Mylan’s CEO Heather Bresch apparently lied to congress about how much profit they actually make on each pen. She claimed they only made $100, when in fact it’s more like $160. Mylan claims that the difference in revenue is due to the 37.5% tax rate. The truth is that Mylan pays FAR less than that, with a worldwide overall tax rate of around 7.5%, and only about 4.5% in the United States.
After lobbying hard to to congress by spending over $4 Million to make EpiPens mandatory in schools, the company packed up and “moved” to the Netherlands (but still maintains its headquarters and most employees in Pittsburgh) via corporate inversion.
Furthermore, The EpiPen isn’t the only product that Mylan has raised prices on by more than 20%; there were 24 products in total, with seven of those products seeing hikes of over 100%.Make this your BEST day!