Greed has taken its toll on the pharmaceutical industry. Once again, the prices of EpiPens are on the rise. With low competition and monopolizing the industry, Mylan Pharmaceuticals took this opportunity to maximize their profits by increasing the price on their product, EpiPen – an epinephrine auto injector that is used to treat individuals who have a history of serious anaphylactic reactions.
Nevertheless, EpiPens are in for some competition. Last year Auvi-Q, an alternative to EpiPens, was taken off the market due to suspicions that their product was delivering inaccurate doses of epinephrine. Nonetheless, miraculously, Auvi-Q is making a return to the market in 2017. Auvi-Q holds a unique point of difference compared to the EpiPen. Slim, rectangular, pocket friendly design and voice instructions that guides users through the instruction process. Because of all the external factors to this product, before Auvi-Q was taken off the market, it was priced higher than the EpiPen. However, the price of Auvi-Q has not been determined yet.
According to CBC, the price of the Epipen has spiked dramatically. Prices have gone up about 400 percent. U.S politicians, doctors, and individuals with allergic reactions are outraged by the price increase. No human being chooses to be diagnosed with, or let alone be born with life threatening allerg(ies). With this price increase, I believe it is time for the government implement a price ceiling, to help regulate these businesses. It is absolutely unjustifiable for individuals to risk their lives simply because they cannot afford products containing epinephrine – a basic necessity for their health condition.
My classmate Kitty recently wrote a blog post in regards to the increase of prices of EpiPens. She made a good point that every individual should be able to afford the same standard of healthcare. No one should have to face fatality just because they cannot afford to spend $600 on only two EpiPens. As Auvi-Q is re-entering the market, I strongly suggest their company to take advantage of the increased prices in EpiPens. The return of Auvi-Q will face an uphill battle to recapture patient trust and loyalty after the recall on their product. Therefore, Auvi-Q should lower their prices to meet consumer demands. After a year of dictating the market, Mylan Pharmaceuticals being the giant in the industry, patients are outraged with what they have done – taking advantage of individual’s needs.
Ultimately, Mylan Pharmaceuticals had the upper hand in the market, however, by drastically increasing the price of the EpiPen, now lowers the barriers to entry for competition. Auvi-Q should recognize the situation and cautiously decide their next move on the playing field.
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