Everything about Mylan Laboratories totally explained
Mylan Laboratories Inc. is a
U.S.-based generic
pharmaceuticals company headquartered in
Canonsburg, Pennsylvania, in suburban
Pittsburgh, Pennsylvania. It has production facilities in three states and Puerto Rico.
The company operates through three subsidiaries: Mylan Pharmaceuticals, Mylan Technologies, and UDL Laboratories. Mylan Pharmaceuticals is located in
Morgantown, West Virginia and focuses primarily on solid oral dose generic pharmaceutical products. Mylan Technologies, located in
St. Albans, Vermont, is the market leader in generic transdermal
drug delivery technology, and is the largest producer of generic
transdermal patches. UDL Laboratories, in
Rockford, Illinois, is the number one supplier of
unit dose pharmaceuticals to hospitals and other institutions.
History
Mylan Pharmaceuticals was founded in 1961 as Milan Pharmaceuticals by
Milan Puskar and
Don Panoz in
White Sulphur Springs,
West Virginia. The company moved to its present location in
Morgantown,
West Virginia in 1965. The company began as a distributor, but in 1966, Mylan received approval to begin manufacturing
penicillin G tablets.
In 1973, Mylan became a publicly traded company on the
OTC Market under the
ticker symbol MYLN. Mylan was later traded on the
NASDAQ.
In 1980, Mylan discontinued private-label manufacturing in favor of their own line of "Mylan-labeled" products, and in 1984 received approval for the anti-hypertensive drug Maxzide, its first proprietary product, and the first new drug to be patented by a manufacturer of generic drugs. In 1986, Mylan transferred to the
New York Stock Exchange under the ticker symbol MYL.
In 1989, CEO Roy McKnight testified before the House Oversight and Investigations Committee, exposing corruption within the
Food and Drug Administration and a number of generic companies.
In 1993, Mylan acquired Bertek Inc., which was to be renamed Mylan Technologies Inc. in 1999.
By 1995, Mylan had become the most dispensed line of pharmaceuticals in America, according to the December 2004 IMS National Prescription Audit.
Mylan acquired UDL Laboratories in 1996.
In 2000, the company agreed to pay $147 million to settle accusations by the
F.T.C. that they'd raised the price of generic
lorazepam by 2600% and generic
clorazepate by 3200%. Mylan obtained exclusive licensing agreements, in 1998, for certain ingredients. The company didn't admit to any wrongdoing.
In 2002, sales of generic drugs exceeded US$1 billion, and in 2004 Mylan was added to the S&P 500.
Mylan's generic Xanax has reputations of being far weaker than the brand name. After a recent lawsuit against the pharmaceutical company, several complaining patients submitted their filled prescriptions to the company so that they could test the potency of the drug. In several cases the medication was found to be 30-40% less effective than the Xanax DAW.
In October 2007 Mylan bought the generics arm of Merck Kgaa.
Further Information
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