The spike in the price of EpiPens has caused families across the country to scramble. It is yet another example of greedy pharmaceutical companies. For those unaware, an EpiPen is a life-saving device used by many allergy suffers. With a quick injection, the pen releases epinephrine, which reverses swelling, closing of the airways, and reduces any other symptoms caused by various allergens. Mylan, the pharmaceutical company that produces EpiPens, has been raising its prices rapidly. In 2007 the medication cost roughly $100 for a two-pack. As of a few months ago, the price surged to over $600. Meaning, the cost of these life-saving devices has risen 500 percent since 2009.
As children return to school, this issue has grabbed recent headlines. Having an EpiPen accessible at school is crucial for any student that suffers from severe allergies. Additionally, because these allergies can be incredibly dangerous, doctors typically recommend people have at least two pens on them at all times. Meaning, as a minimum, children typically have two sets; for home and school use. Additionally, Before this spike, it was not uncommon for parents to have an extra set at any other place their child may frequent. For example, parents may purchase a spare set if their child is a swimmer and spends several hours a day at the pool. However, as prices swell, this is becoming increasingly difficult. Currently, two sets can cost approximately 1,300 dollars.
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The most outrageous part of this situation is that EpiPens only cost a few dollars to make. The decision to raise the prices stems entirely from greed. According to CBS News, Mylan raised prices to increase the pay of its top executives. Coincidently, the same time the EpiPen prices began to skyrocket, Mylan adopted a one-time incentive program. This plan pledges to compensate the top 100 executives if their per-share earnings rise to a certain point by 2018. The proposal would also award 82 million dollars to its top five executives alone.
At this time, Mylan is the only company producing EpiPens. Roughly 40 million Americans have allergies that require them to own EpiPens. Unfortunately, that number does not decrease when the price of the medication spikes. This medicine is not a luxury; it is a crucial, life-saving device. Because EpiPens are essential, Mylan knew they could raise their prices without seeing a sizable decrease in demand. Families are trying to create alternatives, but the options are very limited.
The avarice is repulsive. While the CEO of Mylan has made a staggering 38.9 million dollars over the last two years, people are scraping up the money to purchase their medication. Every individual has the right to earn a living. However, I believe companies in this field have certain corporate responsibilities. Mylan certainly isn't following through on those. They are taking advantage of the 40 million EpiPen users. Begging the question: How can someone think the size of their paycheck is more important than an individual’s safety and well-being?
