Corporate Capitalism at its Ugliest!
And what a wonderful success story. Mylan moves the EpiPen from
mediocre sales to one of a billion dollars.
Now, isn't that what we all have been "taught" to dream of? Success!
Money pouring out of our faucets! And let the buyers beware!
There's a sucker born every minute, so line up and let us get our share.
A fool and his gold are soon parted.
My grandson is deadly allergic to bee stings. My son-in-law would die
if he ingested peanut oil. I resent a drug company holding them for
ransom. Hm...that doesn't sound strong enough...I dispise any
corporation that puts excessive profit ahead of human lives. These
corporations should be seized and their assets divided among the
people they have placed in harms way. They should never be allowed to
conduct similar businesses anywhere on Planet Earth.
And why is it that Donald Trump wants to focus on beating up Muslims
and Mexicans when he might better fight for the lives of those people
condemned by Mylan's outrageous prices?
Carl Jarvis
On 8/26/16, Miriam Vieni <miriamvieni@xxxxxxxxxxxxx> wrote:
Published on Alternet (http://www.alternet.org)
Home > Mylan Pushed for Law to Make EpiPens Mandatory in U.S. Schools-Then
Fled Overseas to Avoid Taxes
________________________________________
Mylan Pushed for Law to Make EpiPens Mandatory in U.S. Schools-Then Fled
Overseas to Avoid Taxes
By Travis Gettys [1] / Raw Story [2]
August 25, 2016
EpiPens are mandatory for public schools in at least 11 states after
Congress passed a law recommending their use-but the drug's manufacturer
pays no U.S. taxes at all after relocating overseas.
Mylan spent $4 million lobbying Congress to pass the 2013 School Access to
Emergency Epinephrine Act [3], which offers incentives to schools to stock
the potentially lifesaving auto-injectors.
About a year and a half later, Mylan completed a corporate inversion [4] to
change its legal residence to the Netherlands, a tax haven, while keeping
its headquarters and most of its employees in the Pittsburgh area.
The move allowed Mylan to cut its U.S. effective tax rate from 9.4 percent
in 2013, the year Congress helped protect its market dominance, to negative
4.7 percent in 2015, according the group Americans For Tax Fairness.
Mylan's worldwide effective tax rate fell after moving to the Netherlands
from 16.2 percent to 7.4 percent-even as its global profits shot up by 22.5
percent between 2013 and 2015.
The company receives millions in U.S. taxpayer funding through federal
programs such as Medicaid and the Children's Health Insurance Program,
which
has helped offset consumer costs as Mylan has jacked up EpiPen prices.
EpiPens now cost $609, more than twice the $265 rate in 2013 and more than
five times higher than their $104 cost in 2009, not long after the company
acquired the drug from the German drugmaker Merck.
The company's CEO, Heather Bresch, has raised her own pay at similar rates
to the drug she lobbied Congress to promote through federal law.
Bresch took home $4.9 million in 2009, but last year she made $13.1
million-and the year before, when she moved Mylan overseas after securing
the Emergency Epinephrine Act, she made a whopping $25.8 million.
The CEO's father, U.S. Sen. Joe Manchin (D-WV), was not among the 27
Democratic sponsors of the bill-which also drew 10 Republican co-sponsors
and one independent.
The pharmaceutical company's "EpiPen4Schools" program, which started in
August 2012, before the bill was passed but after it was introduced, offers
free or discounted EpiPens to schools with one catch.
To qualify for the discounted $112.10 price, schools must agree not to
purchase similar products-such as the lesser known Adrenaclick-from Mylan's
competitors.
A spokesperson for the company said the competition requirement was no
longer part of the program and did not say when it was ended, but it was
apparently still shown on order forms as recently as June 2015, STAT
reported [5].
Mylan also helps keep the drug's price artificially high by funding Snack
Safely, the public relations arm of the nonprofit Food Allergy Research and
Education [6] group.
Snack Safely publishes social media-ready blog posts promoting Mylan's
interests-such as arguing against a petition drive [7] to make EpiPens
available over-the-counter, which would dramatically cut its cost.
Watch Bresch discuss Mylan's corporate inversion in this 2015 interview
with
Fortune [8]:
Travis Gettys is an editor for Raw Story.
Share on Facebook Share
Share on Twitter Tweet
Report typos and corrections to 'corrections@xxxxxxxxxxxx'. [9]
[10]
________________________________________
Source URL:
http://www.alternet.org/personal-health/mylan-pushed-mandatory-epipens-then-
fled-overseas
Links:
[1] http://www.alternet.org/authors/travis-gettys
[2] http://rawstory.com/
[3] https://www.congress.gov/bill/113th-congress/senate-bill/1503
[4]
http://www.bizjournals.com/pittsburgh/news/2015/02/27/mylan-inversion-deal-c
ompleted.html
[5]
http://www.rawstory.com/2016/08/mylan-may-have-violated-antitrust-law-in-its
-epipen-sales-to-schools-legal-experts-say/
[6] http://www.foodallergy.org/home
[7]
http://snacksafely.com/2015/06/editorial-we-disagree-with-the-petition-to-ma
ke-epinephrine-an-otc-drug/
[8]
http://fortune.com/2015/10/14/mylan-ceo-heather-bresch-most-powerful-women-s
ummit/
[9] mailto:corrections@xxxxxxxxxxxx?Subject=Typo on Mylan Pushed for Law to
Make EpiPens Mandatory in U.S. Schools-Then Fled Overseas to Avoid Taxes
[10] http://www.alternet.org/
[11] http://www.alternet.org/%2Bnew_src%2B
Published on Alternet (http://www.alternet.org)
Home > Mylan Pushed for Law to Make EpiPens Mandatory in U.S. Schools-Then
Fled Overseas to Avoid Taxes
Mylan Pushed for Law to Make EpiPens Mandatory in U.S. Schools-Then Fled
Overseas to Avoid Taxes
By Travis Gettys [1] / Raw Story [2]
August 25, 2016
AddThis Sharing Buttons
Share to FacebookShare to TwitterShare to Google+Share to MoreShare to
EpiPens are mandatory for public schools in at least 11 states after
Congress passed a law recommending their use-but the drug's manufacturer
pays no U.S. taxes at all after relocating overseas.
Mylan spent $4 million lobbying Congress to pass the 2013 School Access to
Emergency Epinephrine Act [3], which offers incentives to schools to stock
the potentially lifesaving auto-injectors.
About a year and a half later, Mylan completed a corporate inversion [4] to
change its legal residence to the Netherlands, a tax haven, while keeping
its headquarters and most of its employees in the Pittsburgh area.
The move allowed Mylan to cut its U.S. effective tax rate from 9.4 percent
in 2013, the year Congress helped protect its market dominance, to negative
4.7 percent in 2015, according the group Americans For Tax Fairness.
Mylan's worldwide effective tax rate fell after moving to the Netherlands
from 16.2 percent to 7.4 percent-even as its global profits shot up by 22.5
percent between 2013 and 2015.
The company receives millions in U.S. taxpayer funding through federal
programs such as Medicaid and the Children's Health Insurance Program,
which
has helped offset consumer costs as Mylan has jacked up EpiPen prices.
EpiPens now cost $609, more than twice the $265 rate in 2013 and more than
five times higher than their $104 cost in 2009, not long after the company
acquired the drug from the German drugmaker Merck.
The company's CEO, Heather Bresch, has raised her own pay at similar rates
to the drug she lobbied Congress to promote through federal law.
Bresch took home $4.9 million in 2009, but last year she made $13.1
million-and the year before, when she moved Mylan overseas after securing
the Emergency Epinephrine Act, she made a whopping $25.8 million.
The CEO's father, U.S. Sen. Joe Manchin (D-WV), was not among the 27
Democratic sponsors of the bill-which also drew 10 Republican co-sponsors
and one independent.
The pharmaceutical company's "EpiPen4Schools" program, which started in
August 2012, before the bill was passed but after it was introduced, offers
free or discounted EpiPens to schools with one catch.
To qualify for the discounted $112.10 price, schools must agree not to
purchase similar products-such as the lesser known Adrenaclick-from Mylan's
competitors.
A spokesperson for the company said the competition requirement was no
longer part of the program and did not say when it was ended, but it was
apparently still shown on order forms as recently as June 2015, STAT
reported [5].
Mylan also helps keep the drug's price artificially high by funding Snack
Safely, the public relations arm of the nonprofit Food Allergy Research and
Education [6] group.
Snack Safely publishes social media-ready blog posts promoting Mylan's
interests-such as arguing against a petition drive [7] to make EpiPens
available over-the-counter, which would dramatically cut its cost.
Watch Bresch discuss Mylan's corporate inversion in this 2015 interview
with
Fortune [8]:
Travis Gettys is an editor for Raw Story.
Error! Hyperlink reference not valid.
Error! Hyperlink reference not valid.
Report typos and corrections to 'corrections@xxxxxxxxxxxx'. [9]
Error! Hyperlink reference not valid.[10]
Source URL:
http://www.alternet.org/personal-health/mylan-pushed-mandatory-epipens-then-
fled-overseas
Links:
[1] http://www.alternet.org/authors/travis-gettys
[2] http://rawstory.com/
[3] https://www.congress.gov/bill/113th-congress/senate-bill/1503
[4]
http://www.bizjournals.com/pittsburgh/news/2015/02/27/mylan-inversion-deal-c
ompleted.html
[5]
http://www.rawstory.com/2016/08/mylan-may-have-violated-antitrust-law-in-its
-epipen-sales-to-schools-legal-experts-say/
[6] http://www.foodallergy.org/home
[7]
http://snacksafely.com/2015/06/editorial-we-disagree-with-the-petition-to-ma
ke-epinephrine-an-otc-drug/
[8]
http://fortune.com/2015/10/14/mylan-ceo-heather-bresch-most-powerful-women-s
ummit/
[9] mailto:corrections@xxxxxxxxxxxx?Subject=Typo on Mylan Pushed for Law to
Make EpiPens Mandatory in U.S. Schools-Then Fled Overseas to Avoid Taxes
[10] http://www.alternet.org/
[11] http://www.alternet.org/%2Bnew_src%2B
