Mylan NV (NASDAQ, TASE: MYL) today issued a statement announcing that it is taking immediate action to increase access to EpiPen® Auto-Injectors by expanding already existing programs in recognition of those patients who are facing the burden of higher out-of-pocket costs, reducing direct patient costs and increasing eligibility for patient assistance programs for uninsured and under-insured patients.
Mylan indicated that it is taking the following actions immediately regarding the EpiPen® and EpiPen Jr® (epinephrine injection, USP) Auto-Injectors:
- For patients in health plans who face higher out-of-pocket costs, the company is providing immediate relief by offering a savings card for up to $300. This will effectively reduce by 50% the cost exposure for patients who would have otherwise paid the full list price for EpiPen®Auto-Injector.
- Mylan also is doubling eligibility for our patient assistance program to 400% of the federal poverty level. This means a family of four making up to $97,200 would pay nothing out of pocket for their EpiPen®Auto-Injector.
- Further, Mylan will continue to offer the EpiPen4Schools® 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.
Mylan’s actions follow a turbulent week for the company regarding EpiPen® price increases. Mylan’s actions to reduce the cost of the EpiPen® followed reporting from many news organizations, including The New York Times, NBC Nightly News, The Wall Street Journal, McClatchy, ABC News, ABC World News Tonight, Washington Times, USA Today and Bloomberg, among many others.
Social media raised a powerful voice expressing outrage over the excessive price increases of this lifesaving device. The White House press secretary, Joshua Ernest, said that pharmaceutical companies “often do real damage to their reputation by being greedy and jacking up prices in a way that victimizes vulnerable Americans”.
Sen. Susan Collins and Sen. Claire McCaskill, the leaders of the Senate Special Committee on Aging, are calling for Mylan to brief Congress on the increased price of the EpiPen, giving Mylan a two-week deadline to respond to the pricing probe. Sen. Klobuchar, Sen. Grassley and Sen. Mark Warner had also demanded an explanation for the EpiPen® price increases.
Interestingly, Mylan’s stock price fell 11 percent in three days following the widespread outrage over pricing, before recovering 3.7 percent this morning.