Home Business Mylan CEO To Testify Before House Panel Over Epipen Pricing (Video)

Mylan CEO To Testify Before House Panel Over Epipen Pricing (Video)

$465 Million
FILE PHOTO -- 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

Mylan NL Chief Executive Officer Heather Bresch will appear at a Sept. 21 congressional hearing over price increases for its EpiPen emergency allergy treatment, the U.S. House of Representatives Oversight Committee said in a statement on Wednesday.

Mylan has been widely criticized, including by U.S. Democratic presidential candidate Hillary Clinton, for sharply raising the price of EpiPens, which are carried by people with life-threatening allergies.

Mylan, which acquired the product in 2007, recently raised the list price for a pair of EpiPen auto-injectors to $600. The price has been rising from a cost of about $100 in 2008.

Mylan spokeswoman Nina Devlin confirmed that Bresch will attend the hearing.

“Heather is very good at being able to give an answer without offering much information,” said Evercore ISI analyst Umer Raffat, adding that he will be watching for any other issues that might be raised by the Committee.

A probe into EpiPen pricing by a U.S. Senate subcommittee was announced on Sept. 7.

Bresch is the daughter of U.S. Senator Joe Manchin, a Democrat from West Virginia.

The House panel co-chairmen, Republican Representative Jason Chaffetz and Democratic Representative Elijah Cummings, noted there is “… justified outrage from families and schools across the country struggling to afford the high cost of EpiPens.”

 


Reuters, posted on  SouthFloridaReporter.com Sept. 15, 2016