Crappy capitalism-Mylan!
Yesterday on Fox Business, we noted that Mylan kept raising prices on the Epipen because they could get away with it. There was no one else in the market and anyone who tried to compete, was slowed down by an ineffecient and ineffective approval system as well as politics. They have now been found out to be a bunch of greedy #@%#@ that took advantage of a monopoly. We then went on to say the outcome will be the CEO having to answer questions on Capital Hill and that Mylan would lower prices.
Already, this morning, Mylan lowered prices on the Epipen…BY OFFERING BIGGER COUPONS. We are not sure exactly what that means but let’s just say they cut the cost. We are now sitting here watching the CEO on TV claiming it is not their fault. It is the system’s fault. A simple question comes to mind: WHO IS SHE TRYING TO KID? This is simply a case of mindless greed…nothing more, nothing less. This is a case of crappy capitalism where someone tries to make more and more off the backs of consumers off of their drug monopoly and only when there is blowback do they do something different.
We wholeheartedly believe in capitalism. We do not believe in crappy capitalism and we certainly do not believe in bull—t artists like this CEO who is not doing her company a service by blaming their assinine price hikes on everyone else but themselves.
Tell us how you really feel, Gary! LOL
Gary, what price do you think she should charge? I don’t know and I suspect you do not either. They built a better mousetrap and this is their reward– getting lambasted. Capitalism is better than the alternative. I think it is crappy that Ferrari gets $400,000 for one of their cars but I would not have it any other way. IF we restrict Mylan’s freedom whose freedom are we next going to restrict? Sorry, I am a card carrying libertarian. Mylan sells a drug that has a good track record. Blame the FDA for making it too hard to develop drugs. I know you ask us to be nice I hope you feel I was.
Part of the failure should rest of the FDA for not allowing a generic equivalent (I believe the patent has expired on the drug but the delivery system is the issue) and the failure to get competing drugs approved. The best way to keep these greedy fraudsters in check is to breed competition, which has been sniffled by the FDA. Teva last year was blocked but sounds like they may get approval next year.
https://mises.org/blog/lack-epipen-competitors-fdas-fault
http://www.nytimes.com/2016/08/25/business/mylan-raised-epipens-price-before-the-expected-arrival-of-a-generic.html?_r=0