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Business

Mylan CEO defends EpiPen's price hikes

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Opening sequence

Business

Mylan CEO defends EpiPen's price hikes

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COMING UP:Mylan CEO defends EpiPen's price hikes

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Transcript

00:00:01
>> Sir, I'm not sure.>> Mylan CEO, Heather Bresch grilled in Washington, Wednesday, on major price hikes for the life saving anti-allergy device, EpiPen, promoting outrage from consumers and law makers. Bresch facing tough questions from the House Oversite Committee as she defended EpiPen's price growing six fold.>> Mylan has jacked up the price of a life saving product for no discernible reason.
00:00:29
And they raised the prices, the reason being, I believe, to get filthy rich at the expense of our constituents.>> But here's what doesn't add up for a lot of people and believe me, I'm a person who believes in profit, in profit motivation. You have five executives in five years that earned nearly $300 million in compensation.
00:00:58
And this is by all accounts, as best as I can tell, one of their biggest revenue drivers and one of the biggest revenue items.>> Legislators also questioning Bresch about her mother's role in getting EpiPen into schools. According to USA Today, Gayle Manchin, Bresch's mother, took over the National Association of State Boards of Education in 2012, and is said to have paved the way for Mylan to create a monopoly in schools.
00:01:24
>> The article is completely inaccurate.>> In response to the backlash, Mylan recently announced it is launching its own generic version for half the cost of the branded product. But in the tense exchange, lawmakers weren't interested in hearing about Mylan's steps.>> I mean, I feel like you just, you're not giving me answers ma'am.
00:01:43
And I think it's in fairness to us, you knew what this hearing was about, you knew what our concerns were, and I'm asking you questions that, you're the CEO?>> Yes, sir.>> Then, I would think you would know. I mean, see, this stuff would
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