The U.S. Food and Drug Administration has approved a generic version of the life-saving EpiPen.

The new brand called Auvi-Q is from Teva Pharmaceuticals and comes at a time when many parents are stressing over an EpiPen shortage.

The deficit in EpiPen is especially felt now as the school year returns. The Riverview Pharmacy in Wayne says they field several calls a day from parents looking for the lifesaving medication.

"We have .15, the junior strength, but .3 milligram, it's not available," said Harsh Patel, a pharmacist at Riverview Pharmacy. "And we do deal with multiple wholesalers as well--not just one but it's out of stock everywhere."

Teva Pharmaceuticals will soon move its US headquarters to Parsippany.

Consumers hope the new product will mean no more shortages and cheaper prices. Mylan, the original EpiPen maker, dominated the market for decades, even planning to increase prices to more than $600.

There is no word yet on how much the generic version will cost.