Members of Congress are trying to get political play by grilling the Mylan CEO about the companies large hike in the price of it’s Epi-Pens.
I saw a video clip on one TV news shows where a Congressman accused the CEO of taking advantage of its monopoly status. What? No way! A monopoly is doing what every Econ 101 textbook predicts it to do and raises its prices? Get out of here. (Yes, the italics indicate sarcasm).
Instead of grilling the Mylan CEO for doing what monopolies do, Congress should grill the FDA for creating the monopoly in the first place, by not approving competitors to Mylan’s product and push it to do so, ASAP.
By the time everyone graduates high school, they should have some inkling that competition is the best way to hold businesses accountable, among many other benefits.
Sadly, too many people see the Mylan price hike and reflexively think more government intervention needed, not understanding that government intervention led to the problem in the first place, instead of reflexively thinking, Mylan needs competitors.