Mylan NV said it would launch the first generic version of its allergy auto-injector EpiPen for $300, half the price of the branded product, the drugmaker’s second step in less than a week to counter the backlash over the product’s steep price.
The company reduced the out-of-pocket costs of EpiPen for some patients on Thursday, but kept the list price at about $600, a move that US lawmakers and presidential candidate Hillary Clinton said was not enough. EpiPen cost about $100 in 2008.
Mylan said on Monday it expected to launch the generic product “in several weeks”, an unusual move considering the branded bestseller is still patent protected and major rival treatments have failed to get regulatory clearances.
Mylan has defended EpiPen’s high price, saying it had spent hundreds of millions of dollars to improve the product since acquiring it in 2007.
It has said it recoups less than half the list price as pharmacy benefit managers, which often require discounted prices or rebates from drugmakers, are involved, along with insurers and others.
However, consumer watchdog group Public Citizen said Mylan's latest move was another "convoluted mechanism to avoid plain talk, admit to price gouging and just cut the price of EpiPen."
Mylan’s shares were little changed at $43.17 in midday trading. The stock had fallen 12 per cent last week amid a wave of criticism over prices of EpiPen, which dominates the market and generates annual sales of $1 billion.
– (Reuters)
