An EpiPen is used by many as a means of instantaneous treatment towards a person who is experiencing anaphylactic shock. The manufacture of EpiPen, Mylan, has recently hiked up the prices in the U.S upwards of 600 USD. Additionally, to further prove the unethical behaviour of Mylan choosing profits over patients the CEO, Heather Bresch, has seen a salary increase of 671% since the EpiPen price-spike. Without a doubt, the EpiPen is the markets go-to when a person has a severe allergic reaction towards a substance; without an EpiPen a victim can be subject to life-threating symptoms. Coincidentally, the price-spike managed to happen weeks before millions of students head back to school after the summer break.
Heather Bresch CEO of Mylan a global pharmaceutical company http://alchetron.com/Heather-Bresch-196048-W
Evidently, Mylan has not been able to give any reason to raise the price of an EpiPen because the product has not changed since 2009. This is proving to be an act of greed by yet another pharmaceutical company trying to increase their profits. This unethical way of price setting in the pharmaceutical industry does however reveal the true morals a company holds towards its consumers. The rise in price has resulted in parents having to resort to extreme measures of saving money, which has resulted in outrage among parents. Another area of concern is only in the U.S do we see the significant increase in price to 600 USD compared to other places, such as, Canada where the price of an EpiPen has not changed. However, these companies will continue to hike the prices of their products until a regulation of price-setting is introduced. Without regulation and rules, consumers will continually be subject to the high prices set by pharmaceutical companies.
EpiPen auto-injection epinephrine pens manufactured by Mylan NV pharmaceutical company for use by severe allergy sufferers are seen in Washington, U.S. August 24, 2016. REUTERS/Jim Bourg/File Photo
http://www.reuters.com/article/us-mylan-nl-prices-lawmakers-idUSKCN1152VV
In conclusion, something must be done to stop this ongoing battle between corporations and consumers. This situation brings into question whether or not government intervention is a viable option. I personally believe without any government regulation pharmaceutical companies, such as Mylan, will continue to use their corrupt power to take advantage of vulnerable consumers. I can not imagine someone in a C position, who works for stakeholders, to turn down an opportunity that benefits the profits of a company. Unfortunately, these opportunities sometimes end up not taking ethics into consideration.
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Citations:
http://www.forbes.com/sites/emilywillingham/2016/08/23/ceo-of-mylan-pharmaceuticals-sees-671-salary-increase-in-8-years/#db733874b236
http://abcnews.go.com/Health/epipen-price-rise-hurting-parents-ready-school-year/story?id=41569561
http://www.cbc.ca/news/health/epipen-price-1.3734214