Riding high on EpiPen price, Mylan CEO gets 671% salary hike in 8yrs
One life-saving drug of allergies and the patent of that drug have in turn increased the salaries of the Pharmaceutical company’s top brass. Mylan, the global pharma company which have the patent for EpiPen – an anti-allergic drug, saw the rise of the compensation of the company’s CEO Heather Bresch by 671%. This increase is due to the skyrocketing of the wholesale price of the EpiPen rising from $56.74 to $317.82 in the past 8 years – a price increase of 461%.
According to NBC News, CEO Bresch went from making $2.453,456 in 2007 to $18,931,068 in 2015.
But she wasn’t alone in the rising compensation resulting from the drug price increase. Mylan’s President, Rajiv Malik also saw his base pay increase by 11% to $1 million annually as of 2015. The company’s Chief Commercial Officer Anthony Mauro got a 13.6% raise which is $625,000 annually, according to media reports.
Forbes has listed Bresch as #95 on its 2016 World’s 100 Most Powerful Women list. Her salary’s not a state secret: In the bio associated with the Forbes listing, she’s said to have earned $38.9 million in compensation “over the past two years.”
Millions of people with life-threatening allergies, particularly food allergies, depend on the EpiPen for survival. When used, the EpiPen provides an emergency dosage of epinephrine to the user, inhibiting a potentially fatal allergic reaction, known as anaphylaxis, from occurring.
NBC reports that in 2007 the company bought the rights to EpiPen, a device used to provide emergency epinephrine to stop a potentially fatal allergic reaction and began raising its price. In 2008 and 2009, Mylan raised the price by 5 percent. At the end of 2009 it tried out a 19 percent hike. The years 2010-2013 saw a succession of 10 percent price hikes.