Mylan's CEO defends soaring price of EpiPen
The chief executive of Netherlands-incorporated Mylan (Nasdaq: MYL) has defended the company’s pricing strategy on its EpiPen allergy injection.
Since acquiring the product in late 2007, the company has increased the price by more than 500%, prompting a public outcry. The injector now costs more than $600 for a two-pen pack.
Appearing before the US Senate's House Committee on Oversight and Government Reform in Washington this week, Heather Bresch insisted the price tag was misleading. She said it did not take into account discounts and rebates negotiated with health insurers and added that, after costs had been deducted, Mylan received a profit of just $100 per pack.
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