Mylan N.V. (ticker: MYL) announced Monday it would release a generic version of its EpiPen auto-injector — costing $300 — following recent public backlash regarding its drug prices. This cost is a more than 50 percent discount from the list price of the branded product.
The drug company had previously been justifying its price hike decisions for the brand, notes USA Today, which grew from approximately $100 in 2009 to around $600.
“The launch of a generic EpiPen, which follows the steps we took last week on the brand to immediately reduce patients’ out-of-pocket costs, will offer a long-term solution to further reduce costs and ease the burden and complexity of the process on the patient,” Mylan CEO Heather Bresch says in a statement.
The generic product will come in a two-pack carton in 0.15 mg and 0.30 mg options, and the company says it will still market and distribute the branded version.
This decision from Mylan follows Imprimis Pharmaceuticals (IMMY) saying it could potentially retail a separate allergy treatment option in the coming months, with two injectors costing about $100, reports the Associated Press. While Mylan doesn’t face too much rivalry when it comes to EpiPen, other companies are lurking and seeking U.S. approval in both brand and generic EpiPen forms.
This latest pharmaceutical industry controversy is just one in a series of incidents this year — many due to “Pharma Bro” Martin Shkreli, the ex-pharma executive that faced an indictment for securities fraud. Fortune points out he even had some choice words on the Mylan matter just a few days ago, though his true motives remain unclear.
Mylan’s stock spiked up nearly 1 percent on Monday, although it is down 24 percent on the year.
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Mylan Announces Discount Generic EpiPen Following Backlash (MYL) originally appeared on usnews.com
