SEATTLE--(BUSINESS WIRE)--Attorney Advertising. Mylan N.V. (NASDAQ: MYL) may be significantly overcharging patients for its EpiPen allergy shot. Since Mylan acquired the drug in 2007, the price has increased six-fold, from $100 to $600 for two doses. Yet Mylan pays only $34.50 per pen.
The EpiPen is a small device that automatically injects a dose of the drug epinephrine into the thigh to counter life-threatening reactions to allergens such as peanuts, shellfish and bee stings. According to National Food Allergy Guidelines, a delay in administering epinephrine can be life-threatening.
Mylan claims the price increase can be explained by more than $1 billion it has invested to improve the EpiPen. In 2009 Mylan launched an upgraded version of the EpiPen; however, recent independent studies show there is little change to the design of the pen. PA Consulting Group, a UK-based technology consulting firm, found that “it’s the same core device that’s been used for some time.” The firm estimates the redesign may have only cost Mylan several million dollars. In 2015, the EpiPen brought in over $1 billion in sales for the company.
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