Mylan Cuts Prices For EpiPens After Pressure From Congress, Clinton

Shares of Mylan N.V. jumped 3.8% in premarket trade, after the drug maker said Thursday that it was taking "immediate action" to cut costs for its EpiPen injectors. The move comes after the Mylan came under intense scrutiny from Congress and Hillary Clinton for raising EpiPen prices on EpiPens six-fold over the last several years. Mylan said Thursday that it will now offer a "savings card" that will cover up to $300 for their EpiPen 2-Pak, which effectively cuts the cost in half. The company said it is doubling eligibility for its patient assistance program to 400% of the federal poverty level, which means a family of four making $97,200 would not pay anything for an EpiPen. "We recognize the significant burden on patients from continued, rising insurance premiums and being forced increasingly to pay the full list price for medicines at the pharmacy counter," said Chief Executive Heather Bresch. "Patients deserve increased price transparency and affordable care, particularly as the system shifts significant costs to them." The stock has tumbled 20% year to date through Wednesday, while the S&P 500 has gained 6.4%.

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