There are two problems keeping the price of EpiPen and its peers high. First, it’s a combination of a drug (epinephrine) and the device that delivers the drug. This drug-device combination is governed by a complex web of regulations that prevented the significant price drops you would expect when new competitors are introduced. And second, across the US health system, more of the cost of medical care is being passed on to patients, via high-deductible health plans and other benefit design changes, which means that many people are still exposed to high costs even if the topline price for epinephrine has started to come down.
That second argument is “It’s expensive because people have to pay for it”.
The answer to the first one is, of course, abolish the FDA.