Since they acquired the patent for EpiPen (a life-saving drug), Mylan increased its price by 461% over the past 8 years from $56.64 to $317.82. Over the same period, Mylan CEO Heather Bresch increased her salary by 671% from $2.453,456 to $18,931,068.
To put this in context: Mylan is “committed to setting new standards in health care, working together around the world to provide 7 billion people access to high quality medicine.” (their mission statement)
At the top of their list of corporate values they brandish INNOVATION (“We love to challenge the status quo and introduce new and better ways to help people everywhere enjoy a higher quality of life”) and INTEGRITY (“Doing what’s right is sacred to us. We behave responsibly, even when nobody’s looking. We set high standards from which we never back down”).
In addition to the self-inflicted reputational damage to Mylan, these incidents give the marketing profession a bad name. It makes us look like ‘window-dressers’ whose promises, no matter how compelling, cannot be trusted. We will never stem the tide of rampant cynicism about our institutions without corporate commitment to deliver what is promised.
The pharmaceutical company that cornered the market on the life-saving EpiPen and dramatically increased its price also jacked up the pay of top executives. Between 2007, when Mylan acquired the patent for the EpiPen, to 2015, the wholesale price had skyrocketed from $56.64 to $317.82 – a price increase of 461 percent.