Sunday, September 25, 2016
Outrageous EpiPen prices lead some people to make their own
The epinephrine medicine and delivery system (an epinephrine pump) are currently at the center of a debate about pharmaceutical pricing. Mylan, which virtually owns the market with its FDA-approved EpiPen, is facing scrutiny from the U.S. government for charging upwards of $600 for a two-pack set of EpiPens. It cost just $94 in 2007. It's the device, not epinephrine itself, that's so expensive.
There is a YouTube video created by Michael Laufer , a PhD mathematician, demonstrated how to inexpensively make one's own drugs or medical devices. The components can be purchased over the counter -- aside from the epinephrine, which doctors prescribe. The EpiPencil is bulky and not easy to carry, but the demo video shows it adequately injects liquid.
The FDA can't do anything about DIY devices like the EpiPencil as long as you have a prescription for epinephrine, since the components are legal. However, DIY your own pharmaceutical devices are highly risky. Apparently making your own EpiPen is not encouraged.
Full article: http://money.cnn.com/2016/09/24/technology/diy-epipen-affordable-alternatives/index.html?iid=SF_LN
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I think it is shocking that the EpiPen costs upwards of $600, but I guess it shows what can happen when one company controls the market. It is also pretty cool that people are counter-acting the monopoly-type industry by making their own medical devices.
ReplyDeleteThis is a great example of monopolistic competition controlling the entire market, due to enormous economies of scale, in this case patents lasting around 30 years for the applicator of the Epipen. However, this example has led to government intervention, which in the near future, will allow for funds to be heavily contributed to the research and development of a generally branded Epipen, and hopefully new style applicator. The newly incorporated competition will no longer allow Mylan to hold the monopoly and set the price of the market for this inelastic good.
ReplyDeleteThis just seems like a dangerous situation overall. There are tons of people with life threatening allergies that need to be able to rely on an EpiPen in case of emergencies. However, with a cost over $600 what happens if someone can't afford one? So I can see why people have decided to find another alternative, but making your own EpiPen could potentially be as dangerous as not having one at all. I feel like there are so many little details that need to be taken into account when making your own and it would be very easy to leave out a step. So I would have to agree with Angie that it is just a matter of time before someone develops their own style to compete with Mylan and they are no longer considered a monopoly.
ReplyDeleteIt will be a long while before there is perfect competition in the epinephrine pump market. However, hopefully with this government intervention and the obvious consumer need for a more cost effective product, there will be new companies emerging with new pump technology. An oligopoly will be much better for prices, especially for lower income people who need but cannot afford the current product.
ReplyDeleteThis is an issue that has been in the eyes of many governments for a short time now. There are videos of congress and parliaments grilling Mylan CEO, Heather Bresch and essentially tearing her apart, so it's revitalizing to see that the government is really stepping in, but it took the power of the media to bring this issue to the limelight and there are many others out there that people don't know about. There should have been earlier intervention to prevent Mylan from reaching this super-monopolistic state. Leaving those who cannot afford an EpiPen to produce their own or live without it is immoral and can lead to increased allergy related deaths. But that leads down a path of an ethics discussion. This is an interesting case because Mylan isn't the first pharmaceutical giant to have monopolistic power to this extent due to their patent, but it is setting the precedent for the future of firms who are monopolies through patents.
ReplyDeleteIt is clear there is a monopoly in the epinephrine market. An Epipen costing up to $600 is ridiculous, but they don't have any competition due to patent laws so they can charge any price. Medical science is a high price field of comdities. In order to combat the Epipen prices government intervention is required. People need to petition this because low income households will soon not be able to afford these prices.
ReplyDeleteThis article demonstrate the advantage of overpricing that monpolistic competition can have for businesses and how it affects low income households. Its also interesting how people are trying to counter this overpricing by trying to make their own drugs and medical devices, and i believe this is an issue that has serious concern and the government should intervene.
ReplyDeleteIt is indeed shocking at how much the epipen costs, but I think this topic has gotten a little bit blown out of proportion. They are simply taking advantage of the current monopoly that they hold. I think the government will soon step in to fix this issue though, as most households cannot afford the drug while being very reliant on it.
ReplyDelete