Heather Bresch, CEO of Mylan Inc., has come under fire lately when her net worth allegedly surged after the company hiked the price of its iconic EpiPen.
The spotlight suddenly turned to Bresch when her net worth surged after the firm implemented a price hike for its EpiPen, an autoinjector pen used to treat analphylaxis. The issue stemmed from a report that right after the pharmaceutical giant implemented a significant price hike on its EpiPen, some high-ranking officials including Bresch got a salary increase.
Heather Bresch Salary
NBC News reported that Bresch’s annual salary ballooned from $2,453,456 to $18,931,068, which translates to 671 percent increase. The significant increase on its executives’ salary coincidentally happened during the same time the wholesale price of the EpiPen registered a 461 percent increase from $56.64 to $317.82.
The spike of prices of pharmaceutical products gained the attention of authorities, and certain lawmakers, including senator Amy Klobuchar, urged the Fair Trade Commission to conduct an investigation.
“The Commission takes seriously its obligation to take action where pharmaceutical companies have violated the antitrust laws, and it will continue to closely scrutinize drug market competition on consumers’ behalf,” the FTC wrote in a statement given to NBC News.
EpiPen CEO’s Net Worth
In 2011, Bresch was named by Esquire magazine as “Patriot of the year,” the Squander reported. In the same report, Bresch’s estimated net worth was pegged at $27 million.
Bresch ranked 95th in Forbes magazine’s World’s 100 Most Powerful Women list for the year 2016. The 46-year-old pharmaceutical executive rose from the ranks when she started as a clerk in Mylan in 1991 until she reached her current position, which she holds for three years now.
The Forbes noted that Mylan’s estimated sales for this year is expected to breach the $11.5-billion mark from the $6.1 sales recorded in 2012.