Posted by Michael Wonder on 24 Oct 2018
Amgen cuts price of cholesterol drug by almost 60%, echoing rival's move
24 October 2018 - Earlier this year, Regeneron and its partner Sanofi said they were lowering the price of their competing cholesterol drug, Praluent, from $14,600 a year to a range between $4,500 and $8,000.
Biotech giant Amgen is lowering the price of its cholesterol medicine Repatha by almost 60%, following a similar move from its competitor, after both drugs failed to meet sales expectations.
The new price of the medicine will be $5,850 per year, Amgen said in a statement Wednesday. That's down from an annual price of $14,100, before discounts and rebates. The company said its goal is for the reduction to lower patients' co-pays, particularly those covered by Medicare.
"We've heard from too many patients, particularly Medicare beneficiaries, that they can't afford their out-of-pocket co-pays, so we're lowering the list price of Repatha today," Amgen Chief Executive Officer Bob Bradway said in a telephone interview with CNBC. The new price, he said, should lower those patients' copays from about $370 a month to a range of $25 to $150.
