World News #27 – Dolla Dolla
“EpiPen prices aren’t the only thing to jump at Mylan. Executive salaries have also seen a stratospheric uptick.
Proxy filings show that from 2007 to 2015, Mylan CEO Heather Bresch’s total compensation went from $2,453,456 to $18,931,068, a 671 percent increase. During the same period, the company raised EpiPen prices, with the average wholesale price going from $56.64 to $317.82, a 461 percent increase, according to data provided by Connecture.
In 2007 the company bought the rights to EpiPen, a device used to provide emergency epinephrine to stop a potentially fatal allergic reaction and began raising its price. In 2008 and 2009, Mylan raised the price by 5 percent. At the end of 2009 it tried out a 19 percent hike. The years 2010-2013 saw a succession of 10 percent price hikes.”
– NBC News, Mylan Execs Gave Themselves Raises As They Hiked EpiPen Prices.
“The pharmaceutical company Mylan has been taking on a boatload of vituperation — and rightfully so — for jacking up the price of its lifesaving EpiPen injector, which reverses allergic reactions, by 500%.
But there’s another reason to detest this remarkably amoral corporation: It’s also a tax dodger. Mylan is one of the leading exploiters of the technique known as inversion, in which a U.S. company cuts its tax bill by acquiring a foreign firm and moving its tax domicile to the acquired company’s homeland.
Mylan’s 2014 deal involved its buying a generics manufacturer from Abbott Laboratories and reincorporating in the Netherlands, the subsidiary’s home. As in all inversions, nothing else changed: Mylan’s operational headquarters remained in Pennsylvania, and its main workforce didn’t relocate. At one point, Mylan even appealed to U.S. antitrust officials to help it block a takeover bid from an Israeli company. But the deal did allow the firm to cut its U.S. tax bill.”
– LA Times, Another reason to hate Mylan, which jacked up the price of life-saving EpiPens: It’s a tax dodger .
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