Sen. Manchin stays silent on EpiPen hikes by daughter's drug company

by Jared Lewis September 5, 2016, 2:14

Complicating the politics here, as many in the national press have been discovering today, is the fact that Mylan's CEO, Heather Bresch, is the daughter of West Virginia Senator Joe Manchin, a Democrat.

So, who is Bresch, and what is her backstory?

And the US government has very little control when it comes to how drug prices are set, especially when they're under market exclusivity, the authors said.

Sen. Charles Grassley, R-Iowa, and Sen.

When Bresch took over as CEO in 2012, Mylan's stock was trading at nearly $22 per share. Mylan shares fell more than 10 percent this week before rising 3.2 percent on Thursday after announcement of the discount program.

Earlier this month, Mylan reported quarterly revenues of $2.56 billion, up 8 percent compared to the prior year.

The move comes a day after Democratic Presidential candidate Hillary Clinton blasted the high price of the drug.

Clinton echoed calls for Mylan to reduce the "outrageous" price hike.

EpiPens are used to ward off potentially fatal allergic reactions, and the price has surged in recent years. He cited the cost to parents whose children need them and also to schools that keep the EpiPens on hand. By using a savings card, patients will get as much as $300 toward their EpiPen 2-Pak, effectively reducing costs by 50 percent for those who were previously paying the company's full list price.

People are freaking out about the high price of EpiPens.

Bresch, who has been CEO since 2012, did not return a request for comment from CNBC on Wednesday. Clinton's comments on Wednesday came after a bipartisan group of lawmakers called for investigations into the price increase of EpiPens, which are preloaded injections of epinephrine (adrenaline) used in case of a risky allergic reaction that could cause death, if untreated.On Wednesday, Republican Senator Susan Collins and Democratic Senator Claire McCaskill requested that Mylan provide a briefing to explain the price change.A group of lawmakers said on Wednesday they had written the U.S. Food and Drug Administration asking about its approval process for alternatives to the EpiPen.The comments from Clinton and lawmakers hit biotech stocks on Wednesday, similar to the slump last fall when Clinton first criticized the high cost of drugs.

Minnesota Senator Amy Klobuchar, the chief Democrat on the Judiciary Committee's antitrust subcommittee whose daughter has food allergies, also called for investigation.

TOP News

Trudeau: time to revive Canada-China ties

Rosberg wins Italian GP after Hamilton's poor start

Chinese Premier Li extends condolence over death of Uzbek President Karimov

Nadal cruises to US Open second round

Nickelodeon star Drake Bell gets jail time for second DUI

Sonam kapoor not making hollywood debut anytime soon

2 employees shot in lobby of central California county jail

China, US join climate deal; Obama hails work to save planet

MGSV Definitive Experience lacks rumoured Mission 51

Zimbabwe charges 68 with violence after protests, activist denied bail