Amgen cuts price of cholesterol drug by almost 60%

Biotech giant Amgen is lowering the price of its cholesterol medicine Repatha by almost 60 percent, 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’ copays, particularly those covered by Medicare.

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