The Food and Drug Administration on Thursday approved the first generic version of EpiPen, providing new competition that could help drive down the cost of a lifesaving product that had become a notorious symbol of high drug prices.

The generic copy is made by Teva Pharmaceuticals USA, and will rival Mylan, which had come under intense criticism for raising the price of its EpiPen sixfold since buying it in 2007. Mylan’s device has been plagued by periodic shortages, with consumers scrambling again in recent months to find a reliable supply.

The drug-device product is an epinephrine auto-injector, which can be used for treatment of life-threatening allergic reactions to such things as peanuts and bee stings, in adults and children who weigh more than 33 pounds. Teva was approved to market the generic version in 0.3 mg and 0.15 mg strengths.

Scott Gottlieb, the commissioner of the F.D.A., who had talked during his Senate confirmation hearing about planning to speed approval of some generic products to lower costs, said he was pleased with the timing.