Mylan NV (NASDAQ:MYL) has announced that it is working to reduce the price of the EpiPen after backlash from customers and government officials.
Mylan said that it will now offer a savings card that will reduce the cost of its EpiPen 2-Pak by 50% for customers buying it without insurance. This means that the list price of the product will be reduced from $600 to $300.
My also said that it will expand eligibility for its patient assistance program. This means that more customers that are uninsured and under-insured will be covered by the program. It claims this will eliminate out-of-pocket costs for these customers.
“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,” Mylan CEO Heather Bresch said in a statement. “However, price is only one part of the problem that we are addressing with today’s actions. All involved must also take steps to help meaningfully address the U.S. healthcare crisis.”
Mylan was recently asked about the increase in EpiPen prices. Bresch responded to this question by stating that it was the fault of “the system.” She claimed that problems connected to the system need to be “fixed.”
Mylan acquired EpiPens in 2007. Since 2008, the price for the drug has increased by 400%. The company argues this is due to investments into the product, but no significant changes changes have been made since it was acquired in 2007. The EpiPen price increase also caught the attention of a U.S. Senate committee.
MYL stock was up 3% as of Thursday morning.
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