Mylan was founded in 1961 as Milan Pharmaceuticals by Milan Puskar and Don Panoz in West Virginia. The company began as a pharmaceutical distributor.
In 1966 the company received approval to begin manufacturing penicillin.
The company went public on the NYSE in 1973 under the ticker symbol MYL.
In 1980 Mylan discontinued private-label manufacturing and began marketing its markets under the company’s own “Mylan-labeled” brand.
In 2016, Mylan’s pricing of the EpiPen, an epinephrine injection that is a lifesaving drug for those with severe allergic reactions, became controversial and was widely referred to as “price gouging”. As a result, investigations were opened into whether Mylan had misclassified the product under the Medicaid Drug Rebate Program. In October 2016, Mylan settled these investigations with the U.S. Department of Justice, agreeing to pay $465 million in fines.
Today Mylan Pharmaceuticals is one of the largest manufacturers of generic drugs in the world. The company’s customers are distributors, wholesalers, retailers, and government agencies in 150 countries worldwide.
The company regularly uses robots for faster drug analysis. Prices have plunged for generic drugs and competition is getting increasingly fierce for many U.S. generic drugs. This has contributed to a 22 percent year-over-year decline for its North American business.
Mylan Pharmaceuticals is a member of the S&P 500, is #377 in the Fortune 500, has 35,000 employees, and had $7.13 billion in revenue in 2013. Headquarters are located in Canonsburg, Pennsylvania.