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Cost of Visudyne reduced by manufacturers
QLT and Novartis, joint marketers of verteporfin for photodynamic therapy, announced earlier this week a reduction in the cost of the drug to physician customers
Both companies will reduce the price charged to U.S. physicians for Visudyne (verteporfin for injection), the age-related macular degeneration treatment, from $1,350 to $1,295. The decision was made in response to a reduction in reimbursement for Visudyne by Medicare earlier this month.
Late last year, QLT and Novartis filed a letter with the Centers for Medicare and Medicaid Services requesting an exception for Visudyne from the price reductions mandated for all Medicare Part B drugs by the recently enacted Medicare reform bill.
“By making CMS aware of the fact that physicians administering this sight-saving therapy are not just inadequately reimbursed, but actually financially disadvantaged, it is the hope of QLT and Novartis that CMS will make an appropriate adjustment to the 2004 reimbursement rate for Visudyne,” the companies stated in a joint press release. “We expect to hear from CMS on April 1, 2004, with their allowable price calculation response.”