EpiPen price hiked from around $100 in 2008 to $500 and up today
According to doctors and patients, the Mylan pharmaceutical company has hiked the rates of an EpiPen, the transportable device capable of stopping a potentially life-threatening allergic reaction, over 400% from nearly $100 in 2008 to $500 and above at present.
Dr. Douglas McMahon, an allergy specialist in Maplewood, Minnesota said that patients have been approaching them saying that they can’t afford it.
Last year, after a recall by Mylan'smain competitor, the company is enjoying a near monopoly.
Doctors said that EpiPen has aggressive marketing and branding campaigns, and lobby for legislation needing them to be stocked in schools due to which they possess a brand dominance equivalent to that of Kleenex.
The fat marker-sized products are carried by many parents of little ones, suffering from severe allergies, everywhere they go, all set to jam the gizmo inside the thigh of their kid to provide epinephrine and halt anaphylactic shock from a likely deadly bee sting or peanut.
The pens carry an expiration date of 365 days due to which parents have to get it refilled every years, inviting an extra co-pay every time.
Tracy Bush, 42, mother and food allergy consultant, avoids moving out of her home without two EpiPens. Her 14-year-old son carries another. She started this practice when her son got diagnosed with severe allergies at the age of 2 years.
For over a decade, she has seen the price she paid for her refills soaring without any discernible enhancement to the device or medicine.
She mentioned that the price was $145.99 in 2008, $220.99 in 2010, and then hiked to $649.99. She has spent $1,118.08 in her pre-insurance costs.
In spite of the continuous increase in price, Bush was happy to have one a couple of years back, when her son suffer a bad reaction while feasting on some watermelon.
IBM is using blockchain for improving speed and security for cross-border transactions. The solution offered by IBM is focused on banking sector.
Tesla Motors has fired hundreds of employees after annual performance review. The company confirmed the move but the management hasn’t mentioned the exact number of employees fired during the current performance review.
Tesla Motors has announced recall of 11,000 Model X vehicles to fix a seat cable issue. The voluntary recall involves Model X SUVs manufactured between October 28, 2016 and August 16, 2017.
Norway is planning to add additional tax burden on consumers planning to buy electric cars.
German government has raised the growth outlook for 2017 to two percent from earlier estimate of 1.5 percent. The growth outlook for 2018 has been raised to1.9 percent from earlier estimate of 1.6 percent.
The International Monetary Fund (IMF) has raised growth outlook for global economy considering stronger growth and signs of recovery in many key markets. However, the IMF forecast has raised doubts over growth in India and the United Kingdom.