Mylan Is Releasing A Generic Version Of EpiPen At Half The Cost

Mylan NV announced on Friday that it would be charging $300 for a generic version of the EpiPen that would come in a two pack and that it would be reaching retail pharmacies next week.

How much this will mean in savings for patients depends on their insurance coverage and if they qualify for discount and assistance programs.

The two pack EpiPen right now (not the generic version) costs over $600, a 500% increase since 2007 when Mylan bought the rights to the drug.

Criticism over the price increase was heavy all across the world. The pen is used in emergencies to stop anaphylaxis, which can be fatal. It is brought upon by allergic reactions to foods and insect bites.

Mylan is offering $300 copay cards for the brand-name version, to help customers with high out-of-pocket expenses as well as provides a $25 discount for customers who buy the generic version.

Disclaimer: We have no position in Mylan Inc. (NASDAQ: MYL) and have not been compensated for this article.