FDA Approves Symjepi, an Anti-Allergy Shot That Is a Low-Cost Alternative to Mylan's EpiPen
The U.S. Food and Drug Administration (FDA) has approved a lower-cost allergy shot that could rival the EpiPen.
On June 15, the FDA approved the Symjepi, a product of Adamis Pharmaceuticals Corp. It is a syringe prefilled with the epinephrine hormone, which helps stop life-threatening allergic reactions that could result from insects bites and stings, as well as ingesting allergens such as nuts and other medication, CBS News reported.
Adamis, a San Diego-based pharmaceutical company, claimed Symjepi is easier to use than Mylan's EpiPen. Symjepi is also smaller compared to EpiPen, making it portable as it can easily fit inside a pocket or purse. Symjepi's size makes it a handy companion for people who suffer from severe allergies.
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Adamis's Symjepi will go on sale later this year, and the company will launch it as a cheaper alternative to EpiPen. The company is still discussing with its distributor, so a fixed price hasn't been agreed on yet. The company confirmed, however, that Symjepi will be sold in pairs like EpiPen.
According to 12 News, Mylan was heavily criticized last year for repeatedly raising the price of the EpiPen. At present, the product cost about $630 to $700 without insurance. When EpiPen first hit the market in 2007, it was priced at $94.
It is said that the devices need to be changed yearly, thus adding to the expenses. However, analysts and other experts claimed that it costs less than $20 to produce a pair of EpiPen.
The generic variant is sold at around $225 to $425. The generic version was launched in December last year to address widespread outrage over the price increase.
Fortune reported EpiPen previously dominated the epinephrine auto-injector market with a 95 percent share in the market. Recent data shows that the company's share has dwindled to 71 percent following the price hike.
