WASHINGTON, D.C. (WSAU) — U.S. Senator Tammy Baldwin is hoping to get more transparency out of prescription drug companies like Mylan before they raise prices on potentially life-saving drugs.
Baldwin introduced the FAIR Drug Pricing Act last week with Senator John McCain, which, if passed, would require drug manufacturers by law to disclose more information about price increases, including research and development costs. Baldwin saw Wednesday’s House hearing with the manufacturer of the EpiPen, Mylan, as justification for her bill.
“It’s clear that Mylan is just one example of what has become an all too common industry practice of systematically increasing prescription drug prices,” said Baldwin.
“American taxpayers and families deserve an explanation for these soaring prescription drug prices and my bill to require basic transparency from drug corporations will help hold them accountable to the American people.”
Mylan’s CEO, Heather Bresch, has claimed that out of the $609 charged for a two-pack of EpiPens, the company only makes a $50 profit. The price has increased by $500 since the company acquired the rights to the drug in 2007.
