Mylan said it expects to launch the generic alternative at a list price of $300, compared to the branded list price of $600.
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The biggest danger is an allergic reaction called anaphylaxis that could cause death if untreated.
In the wake of mounting criticism over recent price hikes, the company said the generic version will be distributed by its USA subsidiary. They note Mylan hasn’t reduced the $608 list price for a pair of EpiPen auto injectors or explained why it hiked the price more than 500 percent from $94 after acquiring the product in 2007.
“We understand the deep frustration and concerns associated with the cost of EpiPen to the patient, and have always shared the public’s desire to ensure that this important product be accessible to anyone who needs it”, Mylan CEO Heather Bresch said in a statement today. The command of the market has given Mylan the unbridled ability to increase the price of the two-pack EpiPen.
With just one competitor, Mylan has a near monopoly on the device.
Anyone with a prescription can buy the device that administers the medication.an EpiPen, but for a price of more than $600.
Australians are able to buy an EpiPen twin-pack for $38 under the Pharmaceutical Benefits Scheme (PBS), and those who do not qualify can buy the drug privately over the counter for $100. Today the branded product costs about $US600 ($793).
A five-fold increase in the price of the life-saving epinephrine injectors over a decade drew stinging rebukes last week, with Democratic presidential nominee Hillary Clinton and others demanding the company drop its prices. That will still bring Mylan tens of millions of dollars while helping it retain market share against current and future brand-name and generic competition.
Last week, Mylan also unveiled a $300 savings card to help patients pay for the brand-name auto injector. Mylan also claims that “it recoups less than half of EpiPen’s list price because pharmacy benefit managers, which often require discounted prices or rebates from drugmakers, are involved, along with insurers and others”, according to Reuters.
In statement posted online, Mylan said the generic pen – which will jab a dose of the drug epinephrine into the thigh to counter unsafe allergic reactions such as to peanuts, food allergies and bee stings – would be priced at $US300 ($396) or half the price of the branded product. Knoer’s said he believes “that statement is nearly as egregious as the pricing increases that they’ve done”.
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Shares of Mylan rose 19 cents to $43.22 in trading Monday, while broader indexes rose.
