Teva Pharmaceutical Industries said on Tuesday its generic version of the EpiPen for children will now be available in most retail pharmacies in packs of two costing $300.
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”We’re pleased to provide access to Epinephrine Injection (Auto-Injector) in two strengths for patients who may experience life-threatening allergic emergencies,” Brendan O'Grady, EVP and Head of North America Commercial said in a statement.
“We will continue working to ensure availability of both strengths in the U.S. and plan to accelerate production to meet the urgent need for this medicine,” he added.
The announcement comes amid a shortage of EpiPens in the U.S., Europe and Canada, due to a series of manufacturing delays at EpiPen-maker Pfizer, which produces the device at a single plant near St. Louis.
The EpiPen is a life-saving auto-injector containing epinephrine that is used to treat severe allergic reactions. EpiPen Jr. is an injection for children who weigh between 33 and 66 pounds.
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Illinois recently became the first state to require health insurance companies to cover the costs of EpiPens and similar devices for kids with allergies. The new law takes effect on Jan. 1, but questions still remain about whether it will lead to lower costs for parents, The Chicago Tribune reported.
Under the bill, insurers will be required to cover EpiPen and similar devices to children 18 and under.
However, many insurers already cover the auto-injector and some people may still face high out-of-pocket costs depending on the deductible associated with their insurance plan.
The price of EpiPen, which costs less than $2 to produce, can be as much as $700 for those without insurance, according to Illinois Gov. J.B. Pritzker's office.
FOX Business’ Julia Limitone contributed to this report.