Congress Is Asking Why The Price Of A Life-Saving Drug Is Skyrocketing

<p>Congress is questioning the company that makes a life-saving drug over its skyrocketing price.</p><p>The EpiPen has a virtual monopoly in both business and effectiveness. Some argue there are&nbsp;<a href="http://www.marketwatch.com/story/mylans-epipen-price-increases-are-valeant-like-in-size-shkreli-like-in-approach-2016-07-20" target="_blank">no real alternative</a>&nbsp;besides the EpiPen in the case of a serious allergic reaction. When these reactions do happen, a shot from an EpiPen can open airways, slow heart rates and reverse drops in blood pressure.</p><p>Since pharmaceutical company Mylan got the rights to the product in 2007, the price has increased by as much as 900 percent.</p><p><b>SEE MORE: <a href="http://www.newsy.com/videos/implantable-medicine-could-be-the-future-of-fighting-opioid-addiction/">Implantable Medicine Could Be The Future Of Fighting Opioid Addiction</a></b></p><p>Back in 2007, a pair of the pens would cost around $60. Today that can cost as much&nbsp;<a href="http://www.kansascity.com/news/business/health-care/article97227202.html" target="_blank">as $600</a>.</p><p>Doctors&nbsp;<a href="http://www.kansascity.com/news/business/health-care/article97227202.html" target="_blank">also recommend</a>&nbsp;children who have severe allergies keep two pens at home and two at school, leading to a $1,200 tab.</p><p>An Iowa senator questioning Mylan notes parents aren&#39;t the only ones who have been facing higher bills. Because EpiPens are covered for many children by Medicaid, taxpayers have been hurt by the price increase, too.</p><p><a href="http://www.forbes.com/sites/emilywillingham/2016/08/21/why-did-mylan-hike-epipen-prices-400-because-they-could/#5ff25598477a" target="_blank">Forbes estimates</a>&nbsp;the actual drug inside an EpiPen costs Mylan about $1 per device.</p><p>The company does reportedly offer some&nbsp;<a href="http://www.cbsnews.com/news/allergy-medication-epipen-epinephrine-rising-costs-impact-on-families/" target="_blank">coupons that</a>, when combined with insurance, make it so families don&#39;t pay anything. However, the company&nbsp;<a href="http://abcnews.go.com/Health/epipen-price-rise-hurting-parents-ready-school-year/story?id=41569561" target="_blank">told ABC</a>&nbsp;an increasing number of families are choosing insurance plans with higher deductibles, so they might still be the ones having to pay.</p><p>Mylan says product improvements are the&nbsp;<a href="http://www.nytimes.com/2016/08/24/us/politics/epipen-mylan-congress.html?smid=fb-nytimes&smtyp=cur&_r=0" target="_blank">reason behind</a>&nbsp;the price increase.</p><p><i>Correction: A previous version of this video cited a different figure for the price increase. The 900 percent increase cited here is based on one of the top prices for a pair of pens.</i></p><hr><b>Trending stories at <a href="http://www.newsy.com">Newsy.com</a></b><ul class="inline-related-links"><li><a href="http://www.newsy.com/videos/nasa-finds-spacecraft-it-lost-almost-2-years-ago/">NASA Finally Found A Spacecraft It Lost Almost 2 Years Ago</a></li><li><a href="http://www.newsy.com/videos/hormone-replacement-therapy-may-raise-breast-cancer-risk/">Hormone Replacement Therapy Might Nearly Triple Risk Of Breast Cancer</a></li><li><a href="http://www.newsy.com/videos/american-indians-protest-dakota-access-pipeline-construction/">American Indians Stand Together To Shut Down Pipeline Project</a></li></ul>