EpiPen is getting a generic competitor

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The Federal Drug Agency has approved the first generic competitor to the EpiPen.

It's a big deal because Mylan, the maker of EpiPens, holds 90 percent of the market share on Epinephrine auto injectors, ranging anywhere from $300 to $600.

"When we go to buy shirts or shoes or cars or any kind of thing in the grocery store, we have so many choices from so many different brands, and I think to bring down these barriers to entry so that American families can have affordable choice in this particular product category is going to be what saves lives," said Robyn O'Brien, an advocate for food allergy awareness.

Now, with Teva Pharmaceuticals stepping in, prices could drop even more, something parents say is long overdue.

Teva Pharmaceuticals has not announced its price for the generic but says it should be available in the coming months.