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The controversial new Alzheimer’s drug from Biogen (BIIB) would be cost-effective only if priced between $3,000 and $8,400, which represents an 85% to 95% discount off the $56,000 list price, due to “insufficient” evidence the drug benefits patients, according to a revised analysis.

The assessment is very similar to an evaluation that was issued last month, before the Food and Drug Administration approved the medicine and issued a broad label. This means the medication can be prescribed to potentially millions of patients, regardless of the extent of their disease, even though Biogen tested its drug only on people with mild cognitive impairment to mild Alzheimer’s.

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