Mylan Executives Will Be Called For Congressional Hearing Next Week

By Emma CourtMarketsMarketWatch Pulse

A House Oversight Committee hearing next week will question Mylan's chief executive officer, Heather Bresch, and other top executives about price increases on the company's EpiPen allergic-reaction treatment. "We look forward to receiving answers next week from Mylan about its dramatic price hike for this life-saving medication," chairman Jason Chaffetz (R-Utah) and ranking Democrat Elijah E. Cummings (D-Md.) said in a statement. The Food and Drug Administration's Douglas Throckmorton, a deputy director at the agency, will also testify. The Sept. 21 hearing is the latest response from lawmakers after a sixfold increase in EpiPen prices over the last several years prompted public outrage and concerns about the lifesaving device's accessibility. Controversy also built over top executive pay at the company outranking its industry position and that CEO Bresch is the daughter of Sen. Joe Manchin (D-W. Va.). Mylan shares dropped 8.2% over the last three months, compared with a 2.9% rise in the S&P 500 .

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