The makers of EpiPen killed their competition with the government's help
The pharmaceutical company Mylan was able to raise the price of EpiPens so ridiculously high because the government has been continually protecting it from its competitors. Its CEO is the daughter of Senator Joe Manchin (D). Not surprisngly, the FDA has protected Mylan from competitors that would prevent this type of price gouging by making it more difficult for these would-be competitors to create a similar injection device for the otherwise inexpensive drug. Potential competitors have been working on this, but have been directly blocked by the FDA. One company has attempted to get around the need for the injector device by manufacturing pre-filled syringes, but the FDA has stalled approval. There is also a generic option, Adrenaclick, but the FDA has made it illegal for pharmacies to dispense it as a generic alternative to EpiPen. Government regulations at work.
In light of this, we put together a new venn diagram showing some of the more obvious connections between Mylan and the U.S. federal government.
Great post, that information is great to know.
Thanks - I'll try to keep them coming!
Yes @geke, keep them coming.
Great example of large corporations lobbying for regulations and other means to strong arm competition.
It does help to see it laid out, doesn't it? Thanks for responding!
This is so sad but doesn't surprise me one bit. Greed is completely out of control. I really like this quote:
I love that quote, too. It goes to the idea that money and wealth are not the same thing. One who pursues money (to the point of stealing it) misses out on the opportunity to pursue wealth with that same level of energy. Money (stolen or otherwise) is not sustainable - only wealth, which comes from being creative and productive and innovative, is sustainable and reliable.