New rival to EpiPen receives FDA approval to shake up market
Adamis Pharmaceuticals has revealed that it received FDA approval for its EpiPen rival to enter the market. Its product, to be sold under the brand name Symjepi, is smaller than the EpiPen and the manufacturer claims it is easier to use.
The price of the product is not yet known, as the company still has to find a marketing partner before it aims to reach the market in the second half of the year. However, Adamis suggests that it will be marketed as a lower cost alternative to Mylan’s EpiPen.
Mylan has been at the centre of a pricing furore over the cost of a pack of two EpiPens, which has seen the price increase from $124 to $609 over the course of seven years. Mylan was accused of price gouging, after purchasing the rights to the product and systematically raising the price.
The tidal wave of bad press that followed forced the company to hastily launch a generic version of its own product, which was priced at half of the branded version. As well as this, the company agreed to pay the US government $465 million as repayment for misclassification under the Medicaid Drug Rebate Program.
Symjepi enters a market at the right time to take full advantage of the bad publicity suffered by Mylan, and already plans to broaden its range to include a rival to EpiPen Jnr.
Dr. Dennis J. Carlo, President and CEO of Adamis, stated, “We are very excited by this approval, and at the same time, are already preparing to submit our second NDA to the FDA. This second submission is for the junior version of Symjepi. We are committed to helping patients by providing them with additional therapeutic choices. With an anticipated lower cost, small size and user-friendly design, we believe Symjepi could be an attractive option for a significant portion of both the retail (patient) and non-retail (professional) sectors of the epinephrine market”.
News of the approval sent Adamis share rocketing by as much 53.3%.
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