House To Hold Hearings On EpiPen Prices

PHILADELPHIA (CBS) -- The CEO of Mylan INC, the makers of Epipen, will face a hearing in front of the House Oversight Committee Wednesday about the recent increase in the price for the Epinephrine shots.

With prices for a 2-pack of Epipen currently standing a little over $600, outrage has spread among parents of children with life threatening allergies.

Congressman Brendan Boyle will take part in the hearing, which will mainly focus on gathering information about why the price increase happened. But Boyle says lawmakers must also look into preventing similar situations in the future.

"We need a more holistic answer for what we do for drugs that have been around for decades, and suddenly they come under ownership of one company that has a monopoly and they're able to spike the price 500/600 percent."

CNN obtained testimony prepared by Mylan's CEO, who claims profits off of Epipen sales are only around $50 after rebates, fees and costs are taken into consideration.