EpiPen Maker May Have Cheated Government Out Of Millions Of Dollars
Mylan has been accused of classifying EpiPens as a generic drug to pay a smaller rebate to Medicaid.LEARN MORE
Health insurance giant Cigna and CVS Health have made big moves against the pricey brand-name allergy treatment.
Two major health companies are taking a stand against the pricey brand-name EpiPen.
Health insurance giant Cigna announced this week it has dropped its coverage of Mylan's $600 allergy treatment in favor of the half-price generic version.
A spokesperson for Cigna said in a statement: "It is positive news for our customers. The generic version, available now in pharmacies, has the same drug formulation and device functionality as the branded medication, but at a substantial cost savings."
And on the same day, CVS Health said it will start offering customers the generic version of Adrenaclick, one of EpiPen's biggest rivals, for just over $100.
The drugstore chain said it "recognized that there was an urgent need in the marketplace for a less expensive epinephrine auto-injector for patients with life-threatening allergies."
Mylan drew major criticism last year after news broke that the pharmaceutical company had hiked prices of the EpiPen roughly 400 percent in less than a decade.
But Mylan's CEO told CNBC this week that the company had learned from its decision.
"It absolutely has made Mylan a stronger company, me a stronger leader," Mylan CEO Heather Bresch said.
In a surprise to its makers, a nasal spray intended to be an alternative to the EpiPen was sent back by the FDA, the company announced.
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