Price Gouging by Drug Companies is Hurting Our Kids

While I am a proud American who thrives on capitalism and enjoys the risks and challenges associated with being in business, I am appalled by greedy drug companies and their current love for price gouging. 

When this information first became public, I was under the impression that medical research takes money – lots of money – and that some drugs would cost more than others because they may not have the volume of patients needed to lower the price.  Simple supply and demand, right? That made sense to me.  But, my husband Rob, who has spent the past 10 years trying to get pharmaceutical companies to take back expired and unused drugs to protect public health and so they don’t end up in the landfills (and ultimately in our drinking water) shared some staggering statistics with me.

Here’s how it works.

Drug companies that own patents for life-saving drugs like Epi-Pens (for allergic reactions to beestings and food) and others for epidemics like AIDS are NOT digging themselves out of research and development deficits like they claim.  Instead, they buy existing companies and jack up the price of the drugs as high as 400-1000%.  Basically, they raise the prices as high as they can – whatever they think the market will bear.  That’s why an Epi-Pen that cost just $57 in 2007, now costs over $300 today.  So a two-pack costs $600 and with an expiration date of one year, families need to continue to purchase new Epi-Pens even when they don’t use them. 

Mylan is the multinational pharmaceutical company that makes the Epi-Pen and has a near monopoly in the U.S. Their profits have skyrocketed to over a BILLION DOLLARS a year and it is 100% because of their price gouging.  Here’s why: Mylan sells that same Epi-Pen for just $43 in France. Huh? Just about every civilized country in the world regulates their drugs, kind of how America regulates the insurance industry, but here in the US, pharmaceutical lobbyists have prevented government from interfering with their advertising and pricing. Mylan’s marketing plan is brilliant – they convince parents that they need to have an Epi-Pen in their child’s backpacks, classrooms, cars, homes, and grandparent’s houses. By “educating” parents about their need to have Epi-Pens everywhere, they increase their sales exponentially. This is capitalism gone amuck!

What can you do about it?  Sign this petition!