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Cigna ditches coverage of Mylan's EpiPen for generic version

"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", Cigna spokeswoman Karen Eldred said. The treatment expires after about a year, forcing customers to often purchase refills of the product before the original is used.

Mylan drew outrage from parents and Congress past year when it raised the price to more than $600 for an EpiPen two-pack.

Mylan's CEO Heather Bresch faced a Congressional panel in September where she was grilled to explain the reasons for price spikes.

"Over the past year, almost 150,000 people signed on to a petition asking for a lower-cost epinephrine auto-injector option and millions more were active in social media searching for a solution", said Helena Foulkes, president of CVS Pharmacy, in a statement.

Bresch is one of several pharmaceutical executives who have been called to Congress, where both Republicans and Democrats have demanded explanations for spiraling drug prices, which can plunge patients into debt or force them to skip prescriptions.

Later in the summer, the drug company announced plans sell a generic version for $300.

More news: Very Large Telescope will get upgrade in 2017

"They're getting away with murder", Trump said Wednesday of drug companies, whose stocks plunged afterward.

Shares of Mylan declined 2.4% to $36.40 in morning trading. It's what customers will pay at the pharmacy counter.

The change comes as President-elect Donald Trump vows to fight increases in drug prices.

Commercially insured patients are eligible to receive $100 off that price via a manufacturer coupon, potentially lowering their cost to $9.99.

Parents caught a break with the Thursday announcement by CVS Health that it would sell a cheaper, generic version of an EpiPen rival.

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