CVS just announced a super cheap generic alternative to EpiPen
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Beth Mole
Pharmaceutical giant CVS announced Thursday that it has partnered with Impax Laboratories to sell a generic epinephrine auto-injector for $109.99
for a two-pack—a dramatic cut from Mylan’s Epipen two-pack prices,
which list for more than $600 as a brand name and $300 as a generic.
The lower-cost auto-injector, a generic form
of Adrenaclick, is available starting today nationwide in the company’s
more than 9,600 pharmacies. Its price resembles that of EpiPen’s before
Mylan bought the rights to the life-saving devices back in 2007 and
raised the price repeatedly, sparking outcry.
Helena Foulkes, president of CVS Pharmacy,
said the company felt compelled to respond to the urgent need for a more
affordable alternative. “Over the past year, nearly 150,000 people
signed on to a petition asking for a lower-cost epinephrine
auto-injector option and millions more were active in social media
searching for a solution,” she said in a statement.
The price of $109.99 for the alternative
applies to those with and without insurance, CVS noted. And Impax is
also offering a coupon to reduce the cost to just $9.99 for qualifying
patients.
Also in the press statement, Dr. Todd Listwa
of Novant Health, a network of healthcare providers, noted the
importance of access to epinephrine auto-injectors, which swiftly
reverse rapid-onset, deadly allergic reactions in some. “For these
patients, having access to emergency epinephrine is a necessity. Making
an affordable epinephrine auto-injector device accessible to patients
will ensure patients have the medicine they need, when they need it."
Mylan has claimed that most patients don’t pay
the list price due to insurance coverage and manufacturer coupons. They
blamed the price increases on the complexities of the healthcare system
and middlemen, including pharmacy benefits managers (PBMs), such as
CVS’ Caremark. In general, PBMs negotiate prices and rebates of drugs
with manufacturers.
As USA Today pointed out,
CVS potentially has a lot to gain from a partnership with Impax and
currying favor with the public with the cheaper device. In recent
financial documents, the company noted that it is under intense pressure
from competition, including Walgreens and mail-order pharmacies. A
better public image and a powerful partnership could provide CVS with
more customers and bargaining power.
Meanwhile, backlash to Mylan's price hikes continue. This week, Cigna, a top health insurance company, said that it will no longer cover Mylan's brand name EpiPen—it will only cover the generic, which was rolled out in December.
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