FDA promised a ‘lower-cost option’ to EpiPen, but the price isn’t any lower

File this under “When is a bargain not really a bargain?”

Three months ago, the Food and Drug Administration approved a generic version of the EpiPen allergy-relief device and made a point of noting the new product from Teva Pharmaceutical (TEVA) would offer a “lower-cost option.” But Teva is not offering the sort of alternative the agency envisioned: Its $300 list price is the same that Mylan (MYL) charges for its so-called authorized generic EpiPen.

The pricing appears to undercut a notion promoted by FDA officials that approving more generics can help relieve the pocketbook pressure many Americans feel over the cost of their medicines. In announcing the approval last August, FDA Commissioner Scott Gottlieb noted that such moves were part of an “overarching effort to remove barriers” to access to “critically important” drugs.

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