KEY TAKEAWAY: In case you hadn’t noticed, people are pretty much fed up with everything from government inactivity to greedy pharma companies. Mylan’s CEO tried to put out the fire, but it was too little too late.
The media has been fanning the flames over high drug prices for some time, but what was missing is a person to blame. In Mylan, they have that person in the CEO who earned over $16 million last year and has completely screwed up the company response. While some are calling for Mylan’s PR people to be shown the door, it’s the CEO who should resign to benefit the company, its employees and shareholders.
The idea of convincing schools that they needed a stack of EpiPens and then raising the price 450% gets people very very angry. Add the fact that social media gives everyone a voice and the media is continuing to fan the flames with stories like “taxpayers paid for the development of the EpiPen” and a CEO who is going to make $18 million after the company moved its book overseas to avoid taxes and you have a perfect storm.
What is really troubling is that executives at Mylan didn’t see this coming . You don’t want to miss off moms who are having trouble making ends meet while a greedy pharma company raids their wallets.
What should have been done?
1ne: The CEO should have immediately cut the price on the product and apologized without the need for coupons.
2wo: Special pricing for schools with free products to school districts that don’t have the money to purchase EpiPens.
3hree: Mylan should have immediately said that patients who need the EpiPen and cannot afford it will get a set free of charge.
Finally the CEO should have taken a huge pay cut and used the money to purchase product that can be distributed at no charge. Right now I’m afraid the only way to restore a sense of purpose at Mylan is for the CEO to step down.