Demonized EpiPen Maker Mylan To Offer Discounts

(RTTNews) - In response to growing public outrage over Mylan N.V.'s (MYL) implementation of sharp prices increases for its EpiPen emergency allergy treatment, the drugmaker said Thursday that it would lower the costs of the life-saving treatment for some patients.

EpiPen, (epinephrine injection, USP), and EpiPen Jr (epinephrine injection, USP) auto-injectors are used for the emergency treatment of life-threatening allergic reactions caused by allergens, exercise, or unknown triggers.

A pack of two EpiPens currently costs more than $600, up from about $100 when Mylan acquired the product in 2007. There is no generic equivalent for the life-saving treatment.

Mylan has faced huge criticism for the sharp price increases from members of Congress and Democratic presidential candidate Hillary Clinton. The American Medical Association has also urged Mylan to limit the drug's "exorbitant costs."

Mylan said Thursday that it is taking immediate action to further enhance access to EpiPen auto-injector by expanding already existing programs for patients facing the burden of higher out-of-pocket costs.

The company will reduce the patient cost of EpiPen through the use of a savings card which will cover up to $300 for their EpiPen 2-Pak.

Patients who were previously paying the full amount of the company's list price for EpiPen will have their out-of-pocket cost reduced by 50 percent, Mylan noted.

Further, Mylan is doubling the eligibility for its patient assistance program to 400 percent of the federal poverty level, which will eliminate out-of-pocket costs for uninsured and under-insured patients and families as well.

This means a family of four making up to $97,200 would pay nothing out of pocket for their EpiPen Auto-Injector.

Mylan CEO Heather Bresch said, "We recognize the significant burden on patients from continued, rising insurance premiums and being forced increasingly to pay the full list price for medicines at the pharmacy counter."

In addition to expanding its cost-cutting program, Mylan said it will continue to offer the EpiPen4Schools program.

The program, launched in August 2012, has provided more than 700,000 free epinephrine auto-injectors and educational resources to more than 65,000 schools nationwide to help them be prepared for anaphylaxis events among students.

Mylan also is opening a pathway so that patients can order EpiPen auto-injector directly from the company, thereby reducing the cost.

Shares of Mylan, which fell 9.9 percent over the past two days, are currently gaining almost 2 percent in Thursday's regular trading session.