Teva (NYSE:TEVA) this week launched its generic version of Mylan‘s (NSDQ:MYL) EpiPen auto-injector and announced that it would sell the emergency allergy therapy for $300 – the same price as Mylan’s own generic EpiPen product.
The price for Teva’s product inspired some head-scratching among patient advocates and healthcare professionals. After all, when the FDA first approved Teva’s generic EpiPen, the agency highlighted the notion that boosting competition with generics would ultimately make the product more accessible to a general population. But, at the same price as Mylan’s discounted EpiPen, some are wondering how Teva’s product will reach patients who couldn’t afford Mylan’s device.
Mylan faced an enormous backlash in 2016 when reports showed that the company hiked the price of its EpiPen device by nearly 500% since 2007. In response to widespread criticism, Mylan launched a generic EpiPen in Dec. 2016, pricing it at $300 per two-pack – a 50% discount compared to the branded product.
Gottlieb reportedly issued a statement over the latest news from Teva, writing that the FDA “cannot control commercial decisions on pricing” and that “we have found that having three or more generic competitors brings prices down more sharply than with only one or two generic competitors.”
“We’re pleased to provide access to Epinephrine Injection (Auto-Injector) for patients who may experience life-threatening allergic emergencies and we’re fully dedicated toward ensuring additional supply in 2019,” EVP & head of Teva’s North America commercial division, Brendan O’Grady, said in prepared remarks.