Mylan said it would reduce the out-of-pocket cost of its severe allergy treatment EpiPen through a discount program, a day after Democratic Presidential candidate Hillary Clinton criticized the drug's high price. Bobbi Rebell reports.
A day after Democratic Presidential candidate Hillary Clinton called on Mylan to drop the price of EpiPen, the company says it is slashing the patient cost of the drug through a savings card. The card covers up to $300 of EpiPen 2-Pak, which is about half of its current price. EpiPens are preloaded injections of adrenaline that people use if they are having a severe allergic reaction that could be deadly if untreated. Mylan bought EpiPen in 2007. Since then, the drug's price has zoomed from $100 to $600. Peter Pitts is former FDA official. He now runs the Center For Medicine in the Public Interest. (SOUNDBITE) PETER PITTS, PRESIDENT AND CO-FOUNDER, CENTER FOR MEDICINE IN THE PUBLIC INTEREST, FORMER FDA ASSOCIATE COMMISSIONER, (ENGLISH) SAYING: "The larger picture is, what drives prices down is competition. And there is no commpetitor for EpiPen on the market right now, and it's off-patented. So what the FDA really needs to do is to prioritize the review of generic drugs for products that don't currently have generic on the market. As soon as FDA approves a generic for EpiPen, the price is going to plummet seventy or eighty percent." A group of lawmakers said on Wednesday that they had written to the U.S. Food and Drug Administration to ask about its approval process for alternatives to the EpiPen. Mylan's stock, which had fallen more than ten percent this week through Wednesday's close, regained some ground on the news.