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.