Mylan launches $300 generic EpiPen to calm pricing controversy
pharmafile | December 16, 2016 | News story | Sales and Marketing | Mylan, epipen
Mylan has launched a generic alternative to its flagship EpiPen auto-injector, a move to placate the outbreak of industry indignity following its 400% price hike of the branded version earlier this year.
The controversy brought the US pricing crisis back into focus and brought much grief for Mylan, who were forced to conduct damage control in justifying the decision, even to the point of its CEO Heather Bresch appearing before US lawmakers. In the fallout, the company committed to providing a cheaper, generic alternative to the treatment, originally planned for release “in several weeks” as of 29 August for $300, half the price of the branded product. However, it came to light that in reality the product would not be available until the year’s end.
The generic version features the same drug formulation as the branded product and is administered in the same way. The company is also offering a savings card for those with commercial health insurance which cuts up to $25 from out-of-pocket costs. The product is due to be available in pharmacies next week.
Bresch herself has stated: “While it is important to understand the outdated and complex system that determines what someone pays for medicine in the U.S., hardworking families don’t need an explanation, they need a solution. This is why we took decisive action with our EpiPen product and have launched the first generic version at half the (wholesale) price.”
In October, Mylan agreed to a $465 million settlement over investigations of its price hiking, which has lowered its full year adjusted earnings per share to between $4.70 and $4.90 from between $4.85 and $5.15.
Matt Fellows
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