Mylan NV said on Thursday it would reduce the out-of-pocket cost of its severe allergy treatment EpiPen, a day after Democratic Presidential candidate Hillary Clinton joined other lawmakers in criticizing the high price of the drug.
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The company said it would reduce the patient cost of EpiPen through the use of a savings card, which will cover up to $300 of EpiPen 2-Pak.
Price of the product, which Mylan acquired in 2007, has zoomed to $600 from $100 in 2008.
For patients previously paying the full amount of the company's list price, the card effectively reduces their out-of-pocket cost exposure by 50 percent, Mylan said.
The company said it is also doubling the eligibility for its patient assistance program, which will eliminate out-of-pocket costs for uninsured and under-insured patients and families.
Clinton on Wednesday called on Mylan to voluntarily drop the price of EpiPen.
Clinton's comments came after a bipartisan group of lawmakers called for investigations into the price increase of EpiPens, which are preloaded injections of epinephrine (adrenaline) that people use if they are having a dangerous allergic reaction that untreated could result in death.
On Wednesday, Republican Senator Susan Collins and Democratic Senator Claire McCaskill requested that Mylan provide a briefing for the Senate to explain the price change.
Mylan's shares were up 3.6 percent at $44.67 in premarket trading on Thursday.
(Reporting by Ankur Banerjee in Bengaluru; Editing by Sriraj Kalluvila)