The pharmaceutical company that cornered the market on the life-saving EpiPen and dramatically increased its price also jacked up the pay of top executives. Between 2007, when Mylan acquired the patent for the EpiPen, to 2015, the wholesale price had skyrocketed from $56.64 to $317.82 – a price increase of 461 percent.
Compensation for Mylan CEO Heather Bresch increased astronomically over the same time period. Mylan’s president, Rajiv Malik, saw his base pay increase by 11 percent to $1 million annually as of 2015, while Mylan Chief Commercial Officer Anthony Mauro got a 13.6 percent raise, amounting to $625,000 per year. In 2010, 2011, 2012, and 2013, the price went up by another ten percent each year. Conversely, between 2007 and 2015, Mylan’s stock price tripled, going from $13.29 per share in 2007 to a high of $47.59 in 2016.
As of this writing, Mylan’s stock is hovering around $45.68 per share on the NASDAQ index, with MarketWatch rating Mylan’s stock as “Bullish.” According to Bloomberg, the EpiPen now accounts for roughly 40 percent of Mylan’s profits. Mylan’s greedy business practices are attracting the rancor of parents and politicians alike.
“Patients all over the U.S. rely on these products, including my own daughter. Not only should the Judiciary Committee hold a hearing, the Federal Trade Commission should investigate these price increases immediately.” As of Tuesday evening, Mylan had not responded to the request for a Senate hearing. The Other 98%, a progressive action group, has launched a petition calling on Mylan to make the EpiPen affordable for everyone.