Mylan CEO Heather Bresch commented, “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”. Richard Blumenthal, D-Conn, had written letters to Bresch imploring the company to scale back the price increases.
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Knoer viewed Mylan’s offering of a generic brand as the company’s way to “command both brand and potentially the generic market”, while the competitors struggle to break into the market.
USA Today reported, quoting Marianne Udow-Phillips, director of the Center for Healthcare Research & Transformation at the University of Michigan, “It’s highly unusual for a generic product to come out in this way”.
EpiPen is a preloaded injection of epinephrine (adrenaline) used in case of a risky allergic reaction known as anaphylaxis that could cause death if untreated. The syringes expire after a year, so recurring cost can become part of the family budget unless insurance plans cover some or all of it. Mylan has said that many people get EpiPens with no out-of-pocket cost. The price hikes of the EpiPen allergy-drug injector are “shameless” and “deceptive”, and another example of drugmakers pricing their products at whatever the market will bear.
There is now little competition for EpiPen, with the only rival product being Adrenaclick, which carries a list price of $461. Rival Adrenaclick carries a list price of $461, and there’s a generic version, but doctors typically prescribe EpiPen, originally launched in 1987, because it’s so well known. But it’s not backing off the price for its name-brand version. “In turn, those costs are eventually passed on to consumers in the form of higher premiums”. The debated full price of a pack of two EpiPens recently reached more than $600.
Following scrutiny Mylan has faced in recent weeks over the high cost of its EpiPen auto-injectors, U.S. Sens.
Mylan’s announcement Monday comes a few days after the compounding pharmacy Imprimis Pharmaceuticals said it might be able to sell a version of the allergy treatment in a few months and would likely charge around $100 for two injectors. The senators also criticized the company’s choice to provide a coupon rather than simply lowering the price, saying it bordered on violating ethical principles and worked to drive up the overall price in the long run.
“This type of greed is shameful, and if Mylan thinks the American people are going to accept this so-called “compromise”, they are mistaken”, he tweeted.
Health insurance doesn’t necessarily help all people who need EpiPens, because those with high deductibles must pay nearly the total price. On the other hand, customers of Express Scripts Holding Co., the nation’s largest prescription benefits manager, pay $73.50 on average.
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Shares in the Dutch-incorporated Mylan, which is headquartered in England, were flat at $43.03 in early trade Monday after losing 12 percent last week amid the controversy.
