Money

Biogen Cuts Price for Alzheimer’s Drug Amid Controversy

110 total views
January 05, 2022

Biogen Cuts Price for Alzheimer’s Drug Amid Controversy

Facing widespread criticism for the exorbitant cost of its new Alzheimer’s drug, Aduhelm, Biogen announced it would cut the price by half, from $56,000 per year to $28,200 per year.

Biogen had projected that sales of the drug would generate $12 million in revenue, but it has only yielded $300,000 between July and September. Aduhelm has also sparked heated controversy since it was first approved by the Food and Drug Administration in June. At first, FDA researchers said there wasn’t enough evidence of the drug’s effectiveness to merit its approval. Three members of the FDA’s Central Nervous System Advisory Committee resigned in protest.

Although the drug has not received approval for coverage under Medicare Part B, the Centers for Medicare and Medicaid Services (CMS) said that half of the 14.55% increase in Part B premiums for 2022 is due to the cost of Aduhelm.

“This just shows how arbitrary the prices set by pharmaceutical corporations are,” said Executive Director Fiesta. “Congress must take action now to end the pharmaceutical industry’s monopoly to set prices as high as they wish.”

Share this Post

About Us

Our mission is to bring retirement news, financial information, and advice to seniors enjoying their golden years.