W.Va. senator again facing questions over Mylan
Manchin ‘looking forward’ to reviewing drug maker’s response to prices
Pittsburgh Post-Gazette
U.S. Sen. Joe Manchin issued a statement this week that he shares the concerns of fellow lawmakers, consumer groups and parents over “the skyrocketing prices of prescription drugs.”
It isn’t the first time the West Virginia Democrat has been drawn into the policymaking limelight by his daughter, Mylan CEO Heather Bresch.
Mr. Manchin issued the statement in response to the growing outcry over Mylan’s EpiPen drug, which is used to treat severe allergic reactions to food or bee stings. Since Mylan acquired the product in 2007, the price of the drug has increased from about $100 to $608.
Mylan on Thursday offered a $300 savings card for the drug and other ways to lower out-of-pocket costs, but did not move to lower the list price of the drug.
In his statement, Mr. Manchin said he had heard the company’s response “and I am sure Mylan will have a more comprehensive and formal response to those questions” about rising drug prices.
“I look forward to reviewing their response in detail and working with my colleagues and all interested parties to lower the price of prescription drugs ... ,” Mr. Manchin said.
His colleagues include Sen. Amy Klobuchar, whose daughter uses the EpiPen. The Minnesota Democrat this week called for the Federal Trade Commission to investigate EpiPen price increases.
Also this week, Sen. Richard Blumenthal, D-Conn., and Sen. Charles Grassley, R-Iowa, questioned the company’s pricing for the medicine. Mr. Blumenthal demanded Mylan “take immediate action to lower the price of EpiPens for all Americans that rely on this product for their health and safety,” and noted a
number of constituents have contacted his office.
Two years ago, when Mylan’s plans to join other drug makers in reincorporating overseas to lower its U.S. and global tax bill made headlines, Mr. Manchin was asked how he felt about corporate inversions — the legal process U.S. corporations use to relocate overseas for tax purposes.
“Inversion should be absolutely repealed,” Mr. Manchin told National Journal reporter Ron Fournier. “All of them. Get ‘em all, Ron. Get ‘em all.”
Although Mylan’s legal headquarters is now in the Netherlands, it runs its operations out of offices in Cecil.
In April, new U.S. Treasury Department rules designed to stop companies from relocating overseas prompted drug giant Pfizer to cancel its proposed $160 billion merger with Allergan, a rival based in Ireland. Pfizer estimated that being incorporated in Ireland would have trimmed its tax bill by billions of dollars.
Mylan shares closed Friday at $43.08, up 18 cents. They were off nearly 12 percent this week.