Have you ever wondered why the cost of healthcare and medicine in the U.S is enormously high? One thing we can all agree to is corporate greed. A true example to that would be the corporation, Mylan, for notoriously pricing their branded 2 pack epinephrine auto-injector, Epipen, for $600. What makes it sound so ludicrous is that the cost of making each pen is only $30. But Mylan hiked up its pricing by 400%!
In case if you were wondering, the Epipen is a device used for anaphylactic shock that results from life threatening allergic reactions. And this sort of thing doesn’t make sense to me that it’s not made affordable to the public. Fortunately, I did read about a positive change just last week that the drugstore chain, CVS, is now offering a more affordable generic version of the 2 pack auto-injector, Adrenaclick, for $109.99. For the insurance holders, you could purchase this brand for $100 with a coupon. It is approved by the FDA and has the same drug formulation and device functionality as the branded Epipen, but for less than half its cost!
“As a health care company focused on helping people on their path to better health, we recognized that there was an urgent need in the marketplace for a less expensive epinephrine auto-injector for patients with life-threatening allergies,” said Helena Foulkes, President of CVS Pharmacy.
Foulkes further addressed, “In order to address this challenge, we have partnered with Impax to purchase their epinephrine auto-injector at a price that is lower than similar brand or authorized generic epinephrine auto-injectors. We are passing these savings along to our customers and patients, making this product available at all CVS Pharmacy locations at the lowest cash price in the market.” (Source: CVS Health Offers Patients Lowest Cash Price in the Market for Generic Epinephrine Auto-injector to Treat Allergic Reactions – Company Press Release)
Furthermore, health insurance giant, Cigna, has dropped its coverage for Mylan’s $600 Epipen in favor of the cheaper CVS version of $109.99. Cigna, however, will only be covering Mylan’s generic version of the auto-injector pen priced at $300. The health insurer has recognized the public’s need for lower and affordable costing which is why they have decided to drop coverage for Mylan’s insane price of $600. Additionally, Mylan’s stock prices have fallen by 6.2% almost instantaneously as the future President Trump has stated at a press conference on how the company and the healthcare industry is “getting away with murder”.
Mylan has been crushed by Trump, Cigna and CVS – all in 2 days. I personally believe that everything comes back around in full circle. What you project is what you receive. In this case, the corporate greed to profit off from the insanely high priced Epipen has eventually come back around to bite them in the rear.