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biogenic said on Tuesday He said he would replace his CEO and effectively abandon the marketing of a high-profile Alzheimer’s drug that has failed commercially since its controversial approval nearly a year ago.
Biogen said Michel Vounatsos, who has led the drugmaker for more than five years and presided over the approval and launch of the drug, known as Aduhelm, will remain in the role until his successor is appointed.
Biogen said it plans to “substantially eliminate” its spending on medicine after Medicare. finalized a decision last month to sharply limit Aduhelm coverage.
Food and Drug Administration Approved Aduhelm in June. It was the first new treatment for Alzheimer’s in nearly two decades. It was expected to become a major blockbuster drug in a few years, generating billions of dollars each year for Biogen. But the approval was overshadowed by concerns about the drug’s unproven benefits and serious safety risks, as well as the process for which the FDA gave the green light.
Doctors, insurers, patients and their families did not embrace Aduhelm. On Tuesday, Biogen reported that the drug brought in revenue of just $2.8 million in the first three months of this year. 3 million dollars Biogen initially priced the drug at $56,000 per year for the average patient, before halving the cost in response to poor early sales.
Aduhelm was expected to push government health budgets. But Medicare has decided to only pay for the drug for those participating in a clinical trial. Last month, Biogen said it would withdraw your application Marketing the drug in the European Union after drug reviewers declared the drug to be suitable unlikely to be approved.
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