Yet another example of the state getting involved in medicine and the state making it possible for protected monopolies to cash in. It’s not the market that pushed up prices on epipens. It’s the lack of market forces.
EpiPens, used to provide injections of epinephrine in cases of severe, potentially life-threatening allergy attacks, have been creeping up in price from $100 to $600 per dose since 2009. This has become a political issue right now (at the height of an election cycle—go figure) partly because of attention by Sen. Amy Klobuchar (D-Minn.), whose daughter uses them. Clinton has waded into the debate and called the price hikes “outrageous, and just the latest example of a company taking advantage of its consumers.”
It would be more accurate to say that the company is taking advantage of the fact that the federal government’s own regulatory scheme has given them a medical monopoly. Clinton wants to cast herself and the government as the cure for this problem. It’s actually the cause in any number of ways.
The Wall Street Journal detailed extensively as Clinton threw herself into the conflict that the Food and Drug Administration (FDA) has made it very difficult for competitors to enter the marketplace and push prices downward. Epinephrine is cheap and EpiPens have been around for decades. Their prices should be trending downward not upward. But the FDA’s complicated (and ambiguous) process of approving other drug delivery systems has kept competitors off the market. And to be clear, there are other companies trying to participate and demonstrate they can provide safe alternatives: