Category Archives: health insurance
Reuters reports that Mylan will produce “the first generic version of its allergy auto-injector EpiPen.” The generic version will sell for $300. That’s half the price of the “branded product.”
This will be the first generic EpiPen because the FDA has dragged its feet approving any other generic version. So Mylan has a near monopoly on a life saving product. Now it also has a monopoly on the generic version.
That monopoly enabled Mylan to increase the list price of an EpiPen two pack from $100 in 2008 to $600 today. The company is offering the generic version in response to criticism of its price hikes.
Here’s a WSJ editorial blaming the FDA for the Mylan monopoly.
What initially looked like a great deal for them – customers federally mandated to buy their product – doesn’t seem to be working out as they had hoped. Bloomberg Businessweek reports that insurers are loosing hundreds of millions of dollars on Obamacare.
Aetna Says Bye Bye
So Aetna now says bye bye to ObamaCare by way of pulling out of exchanges in 11 of the 15 states it serves. UnitedHealth and Humana are following suit. UnitedHealth is ditching 31 of its 34 states, and Humana is leaving 9 of 19 states.
In July the Justice Department blocked a proposed merger between Aetna and UnitedHealth. At the time Aetna wrote that without the cost savings of the merger it would leave the exchanges.
Meanwhile, Hillary Clinton supports a government funded public option to compete on the exchanges with the remaining private insurers.
In January 2014 President Obama decided to go it alone. He said he had a pen and a phone and if Congress wouldn’t act he would.
Congress refused to act to allocate funds to reimburse insurance companies for Obamacare costs. The president used his pen to sign an executive order to disburse the money anyway. The House of Representatives sued.
Separation of Powers
Meanwhile the president is allocating school bathrooms.
Obama said he was putting Joe in charge of mission control for a “moon shot” to cure cancer. Politico reports that cancer researchers like the resources but not the “moon shot” approach.
Cancer Cure Czar
Maybe a war on cancer approach would be better than a moon shot. President Nixon tried that in 1971.