Final answer:
Mylan experienced significant public backlash for raising the price of EpiPen®, leading to the introduction of a cheaper generic version and discount coupons as concessions to mitigate the outrage.
Step-by-step explanation:
The question pertains to Mylan and their product EpiPen®, specifically the monopoly hold and market dynamics between 2007 and 2016 for life-saving treatments to anaphylactic reactions. Although the exact market share numbers and sales values are not provided here, it is known that during this period, Mylan's EpiPen® had significant market dominance, often referred to informally as a monopoly, due to limited competition and the essential nature of the product. After facing significant public backlash over the steep price increases in May 2016, Mylan made several concessions.
Initially, Mylan's response was to offer discount coupons for EpiPens®, which provided some immediate financial relief to consumers. However, the more significant strategic move was their decision to introduce a generic version of the EpiPen®. This move was seen as a way for Mylan to retain profits, as selling the generic version could potentially be more profitable, considering the complex pricing and insurance reimbursement processes in the pharmaceutical industry.
Despite these efforts, Mylan's practices came under scrutiny, with ongoing investigations into possible antitrust violations. These investigations were especially focused on the sale of EpiPens® to public schools in New York City, questioning the legal and ethical behaviors underlying their business practices.