Mylan Cuts Patient Cost of EpiPen

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.

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)