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Mylan expands EpiPen cost-cutting programs after charges of price gouging

Mylan on Thursday announced plans to boost access to its EpiPen Auto-Injector by expanding already existing programs for patients who are facing higher out-of-pocket costs.

The price of the EpiPen, a life-saving medication and delivery system for people with severe allergies, has increased more than 400 percent in the past decade.

Shares of Mylan rose more than 3 percent in premarket trading Thursday following the announcement. (Get the latest quote here.) With the company under pressure from members of Congress and Democratic presidential hopeful Hillary Clinton, the stock lost 5.4 percent of its value on Wednesday.

The company is reducing the cost of EpiPens through the use of a savings card that will cover up to $300 for the EpiPen 2-Pak.

Patients who were previously paying the full price for the EpiPen will have their out-of-pocket cost cut by 50 percent. Mylan also is doubling the eligibility for its patient assistance program, which will eliminate out-of-pocket costs for uninsured and under-insured patients and families, as well.

"We recognize the significant burden on patients from continued, rising insurance premiums and being forced increasingly to pay the full list price for medicines at the pharmacy counter,"...