Since 2007, when Mylan acquired the life saving allergy drug called Epipen, the company has been on a mission from hell to gouge desperate patients who need the drug to survive. More than that, its executives have also lavished themselves with gratuitous compensation hikes, reminiscent of the days when Marie Antoinette famously suggested the starving ham and eggers outside the castle gates be fed cake to subside their anguish.
From 2007-2016, Mylan’s CEO, Heather Bresch, enjoyed a 671% pay hike, from $2.4m to $18.9m. Also, their President and COO, Rajiv Malik and Anthony Mauro saw their salaries increase 11% and 13.6%, respectively, in the year 2008 alone.
Over the same time period of Heather’s exorbitant lifestyle upgrade, the price of the Epipen increased 461% from $56.64 to $317.82. From the fourth quarter of 2013 thru 2016, Mylan jacked up the price of Epipen by 15% every other quarter.
How nice of them.
Shareholders have done very well, magnificently so. The stock has risen from $13 to $47 over the same time period.
Wait, it gets better.
Like any good executive worth his/her salt, the company sought out to expand the usage of the Epipen. After all, people needed it. Kids needed it, to live. So they ramped up their lobbying efforts, dramatically, spending $1.2m in 2008, up from $270k, to ‘convince’ officials to see things their way.
Shortly thereafter, the FDA changed its recommendation that two Epipens be sold per package, allowing them to sell one at a time, and that it be prescribed to ‘at risk’ patients only.
In 2013, congress passed a law that required Epipens be stocked in public schools, all the while Heather and Co., like the true robber barons they are, price gouged and injured the American tax payers, while endangering the lives of those who needed the drug to survive by making it unaffordable.