This is quite the oversight.
The maker of EpiPen, pharmaceutical company Mylan, is now saying that it understated the profits it derives from the life-saving drug by 60% in a Congressional hearing last week, according to Dow Jones.
The CEO of the company, Heather Bresch, was called to the House of Representatives to answer for why her company has raised the price of an EpiPen 500% since it purchased the drug in 2007.
Bresch didn’t have a lot of answers for the House. Her answers about margins and how much her company makes on the drug were fuzzy at best, and she refused to admit that her company raised the price of the drug to make more money.
“If I could sum up this hearing, it would be that the numbers don’t add up,” Representative Elijah Cummings (D-MD) said. “It is extremely difficult to believe that you’re making only $50 when you’ve just increased the price by more than $100.”
Bresch also didn’t bring the documents she was asked for, a fact that left many members less than thrilled.
Representative Jason Chaffetz (R-UT) said he didn’t feel like Bresch was “being honest” with the members, and Representatives Buddy Carter (R-GA) and Tammy Duckworth (D-IL) asked for more information about Mylan’s distribution deals with pharmacy benefit managers (PBMs) and its EpiPen4Schools program respectively.
More on this to come.