Mylan NV ($MYL) announced the launch of its authorized generic EpiPen (epinephrine injection, USP) Auto-Injector at a wholesale acquisition cost (WAC) of $300 per USP two-pack. The price is more than 50% lower than the WAC of the branded version. The new product is likely to be available in retail pharmacies starting this week.
The move is likely to mitigate some of the goodwill losses incurred by the company on account of steep hike in the price of its EpiPen. The company also announced the launch of an additional patient purchase option at $300 per two-pack. This new program will help offering the lowest possible price for each patient. It will also offer a $25 savings card for eligible patients with private insurance.
Mylan had come under fire as it aggressively raised prices for its EpiPen medication. After prolonged deliberation with the authorities, the company agreed to pay $465 million in settlement for misclassifying the product in the Medicaid Drug Rebate Program.
The controversy also took toll on the company stock price. Mylan also recently announced a new round of layoffs as it disclosed the plan to cut up to 3,500 jobs across the world. The company has nearly 40,000 employees on its roll globally. The layoffs come a part of its restructuring plan.