NEW YORK (TheStreet) -- Mylan (MYL) - Get Report is offering a generic alternative to its EpiPens at a 50% discount after coming under fire last week for raising the life-saving drug's price to about $600, from about $100 in 2007, when it acquired the product.
The move is really just because the company received so much pressure from outraged social media users who asked the company to think of the children who need EpiPens, TheStreet's Jim Cramer said on CNBC's "Halftime Report" on Monday afternoon. "This is just social media - social media and children."
Considering there's no generic competition for EpiPens, issuing a generic alternative "is basically saying, 'Please get me off the front page'," Cramer pointed out.
"I don't like healthcare to begin with, but Mylan specifically," Cramer said about the stock.
Mylan CEO Heather Bresch's comment that she was just as outraged about the price increase as the people who actually had to pay $600 for the drug during an interview with CNBC's Brian Sullivan "clearly didn't endear her to the American public," Cramer pointed out.
The debate over rising drug prices is not a new story, CNBC's Scott Wapner noted. Last September, Hillary Clinton tweeted, "Price gouging like this in the specialty drug market is outrageous..." in reference to parasitic infection-fighting drug Daraprim's price increase, Wapner said.
But Clinton needs to change the dialogue now because everybody already believes the drug companies are gouged, except Congress, "who obviously has great mind-share," Cramer said. "This is a can't-miss dialogue," he said.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet Ratings team rates Mylan as a Buy with a ratings score of B. This is driven by a few notable strengths, which the team believes should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks the team covers.
You can view the full analysis from the report here: MYL