The pharmaceutical CEO whose company raised the price of EpiPens by more than 400% was rewarded with a 671% raise.
Heather Bresch and other executives at Mylan Pharmaceuticals have been criticized for increasing the price of the devices to prevent fatal allergy reactions from less than $100 for a pair in 2007 to more than $500 today.
Bresch, who was president in 2007 and has since become chief executive of the global pharma giant, went from making $2,453,456 nine years ago to $18,931,068 last year, according to filings from the company.
The pay increase, first reported by NBC News, came as Mylan repeatedly raised the price of the live-saving epinephrine device by increments of 5, 10 and 15%.
EpiPens make up 40% of the company’s operating profits, according to Bloomberg, who said that Bresch was behind the push to market them to the worried parents of children with allergies.
The report said that the devices are sold for $85 in France, though that may change as Mylan is purchasing the company that offers them for less.
Allergist Dr. Douglas McMahon, who is trying to make a less expensive alternative for his patients, told the Daily News last week that EpiPens only cost a few dollars to manufacture.
Mylan’s stock price surged after their price increase strategy, going from as low as $14.84 per share in 2007, when it first bought EpiPens, to as high as $49.09 on Monday.
Attention given to the rising price of the pens has prompted calls from legislators for an explanation.
Connecticut Sen. Richard Blumenthal called on Bresch to immediately lower the price after what he said were “exorbitant” increases.
Queens Rep. Grace Meng called on the House Oversight and Government Reform Committee to hold a hearing on the price gouging.
Mylan said in a statement Monday, “Ensuring access to epinephrine – the only first-line treatment for anaphylaxis – is a core part of our mission.”
It said that the majority of insured patients can get EpiPens for $0 and said that it has a savings program to get $100 off on the devices.
The release did not include comment from Bresch directly, and a Mylan did not immediately return a request for comment about the continuous rise of EpiPens’ price and her pay.’
Mylan’s time in the spotlight comes after Turing Pharmaceuticals, the company formerly run by nihilist “Pharma bro” Martin Shkreli, caused outrage last year by raising the price of the AIDS drug Daraprim by 5000% to $750 a pill.
Shkreli, who is currently under federal investigation for alleged fraud with another company, defended Mylan on Twitter and said, “You mean they spent money to make the pen and now they are patenting it? let them charge what they want.”
The anger at her pharmaceutical company is not the first time that Bresch has been connected to a scandal.
West Virginia University President Mike Garrison resigned in 2008 after the school awarded a business degree to Bresch despite her not earning enough credits.
Garrison, who was once a Mylan lobbyist, went to high school with Bresch, who is the daughter of West Virginia Sen. Joe Manchin.
With News Wire Services
