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March 15, 2007--Two years ago, Steven Harr of Morgan Stanley urged
Genentech
to lower Avastin's (bevacizumab) price--even though it was helping buoy
its stock price. Albeit an unusual move for a Wall Street
analyst, Harr feared patients wouldn't be able to afford
the drug, which costs about $47,000 for the average
10-month course of treatment for colorectal cancer, and
warned that Congress would get involved if that happened.
Genentech later capped Avastin's price. Harr has
repeatedly argued that rising drug prices could trigger
government controls and says soaring cancer-drug prices
aren’t sustainable.
High
drug pricing by biotech companies is sparking protest from
patient advocates, doctors, and Congress. Pushback on drug
prices is gaining momentum in Congress and already,
Genentech and Amgen
have each taken initiatives to cap prices of their cancer
drugs Avastin and Vectibix (panitumumab), respectively. ImClone has said
it and partner Bristol-Myers Squibb were weighing a price
limit on their drug Erbitux (cetuximab) if it is approved in
earlier-stage cancer (Erbitux is currently indicated for
late-stage colorectal cancer). The
Wall Street Journal (Subscription required)
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