Will the Newest EpiPen Competitor Steal Even More Market Share from Mylan?
The EpiPen has been losing market share.
This article originally appeared on Fortune.com.
Mylan Pharmaceuticals’ price hike scandal over the EpiPen—the device used by millions of Americans with severe, life-threatening allergies—has had consequences. The firm lost more than 25% of its share in the epinephrine auto-injector market since the beginning of 2016, bleeding sales to rivals like Kaléo’s Auvi-Q. Now, the Food and Drug Administration (FDA) has approved another would-be EpiPen killer, this time from Adamis Pharmaceuticals.
Adamis’ product, Symjepi, will reportedly be even cheaper than the new “generic” EpiPen version released by Mylan after widespread outrage over its 500% price hike for the original branded product. (Basically, Mylan slapped on the “authorized generic” label to a device/medication that’s identical to the EpiPen in all other regards but about half the list price at $300 per two-pack.)
The exact pricing isn’t clear, but Symjepi is slated to hit the market later this year.
That could present a problem for Mylan, whose EpiPen market share has dwindled to just over 71% in one year (it once controlled 95% of this space). The biopharma company has been taking heat from all sides pharmacies and drug makers alike pounce on its PR and legal vulnerabilities. For instance, CVS has made a generic version of Impax Laboratories’ EpiPen competitor Adrenaclick available for $110 for a two-pack at all of its locations.