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Health

Mylan caves to pressure over Epipen

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Health

Mylan caves to pressure over Epipen

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COMING UP:Mylan caves to pressure over Epipen

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00:00:02
>> Amid a public outcry over the soaring costs of the EpiPen, Mylan buckled on Monday saying, it would launch the first generic version of its life saving allergy auto injector at a discount of more then 50%. The branded product's list price has sky rocketed from $100 in 2008 to $600 now, sparking a social media campaign from families desperate for a cheaper option and putting intense pressure on the company.
00:00:29
Reuters health editor Michele Gershberg.>> This story burst on the scene last week and there's been a barrage of criticism over these price increases and how they're affecting consumers, from Congress, from presidential candidate Hillary Clinton, from many public interest groups, right. And so they've taken several steps to try to address that criticism and help people with the cost.
00:00:49
>> EpiPens are preloaded injections of adrenaline, used in case of severe allergic reactions that could cause death if untreated. Gershberg says Mylan, which has 90% of the market share for EpiPens is just the latest example of growing national anger over rising drug prices.>> Just about a year ago there were two other companies, two other drug makers, Turing pharmaceuticals and Valeant pharmaceuticals that hit the spotlight with huge price increases.
00:01:15
Both have, under the growing scrutiny over their practices, both companies have come under, have been really troubled in the last year. Turing's CEO is facing charges over various things that he did with the company. And Valeant has seen its CEO leave, its whole board has been restructured, its share prices fallen more than 90%.
00:01:39
I think, part of what you're seeing is that the consumer responds because the consumer is now much more aware of how much this costs. So in 2008 if Mylan had raised the price, we wouldn't necessarily see the same kind of reaction as we are seeing now.>> Mylan has defended EpiPen's high price saying it has spent hundreds of millions of dollars since acquiring it in 2007 to improve the product, and that it makes back less than half the list price.