Drug company to offer cheaper opioid overdose treatment after hiking price 600 percent

A drug company is offering a significantly cheaper version of its life-saving opioid overdose treatment after a Senate investigation found that it spiked the price of its drug.

A report from the Senate’s Permanent Subcommittee on Investigations last month found that the company, Kaléo, hiked the price of its drug Evzio to $4,100 for two injectors, raising the price by more than 600 percent between 2014 and 2017.

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After this scrutiny, the company on Wednesday announced that it will offer a cheaper generic version of the drug for $178 for two injectors.

Evzio is an auto-injector form of the drug naloxone, which is a key part of fighting the opioid crisis.

“With approximately 130 people dying daily from opioid overdoses, we recognize that more needs to be done to improve access for patients,” said Spencer Williamson, president and CEO of Kaléo.

The investigation last month was led by Sens. Rob PortmanRobert (Rob) Jones PortmanSherrod Brown asks Trump Fed pick why he referred to Cleveland, Cincinnati as 'armpits of America' Senate Republicans tested on Trump support after Mueller GOP senator wears shirt honoring Otto Warmbier at Korean DMZ MORE (R-Ohio) and Tom CarperThomas (Tom) Richard CarperDem senators launch Environmental Justice Caucus Only four Dem senators have endorsed 2020 candidates Koch network launches ad campaign opposing Trump's proposed gas tax MORE (D-Del.).

“This news is a positive step forward and I’m hopeful that it will increase access to naloxone, a critically-important overdose reversal drug that has saved tens of thousands of lives,” Portman said after the company’s announcement on Wednesday.

Carper added that the episode should be a “teachable moment for other drug manufacturers.”