Amgen slashes price of cholesterol drug Repatha by 60%

American multinational Amgen has slashed the price of cholesterol drug Repatha, reducing the medication’s US list price by 60%.

The move, which is intended to boost sales, has seen Repatha’s list price drop from $14,000 to $5,850.

Murdo Gordon EVP Global Commercial Operations at Amgen suggested that the price cut, "is clearly focused on helping patients afford the medicine at the pharmacy counter."

He added that the drug needed to be affordable for those on Medicare, the US government’s health plan for seniors.

Amgen estimated that three quarters of Repatha prescriptions for Medicare patients are not filled due to high out of pocket costs.

"In the long term it is our hope that we can address more patient needs, leading ultimately to higher revenue," Gordon said.

The new list price is set to come into effect immediately while the old list price will be phased out by the end of 2020.

Pharmacy benefit manager Express Scripts’ Chief Medical Officer Steve Miller commented: "Amgen is taking an important step forward to help payers be better positioned to provide breakthrough medicines and help people achieve better outcomes."