Bristol Myers Squibb plans to launch schizophrenia drug Cobenfy in the UK next year at a price matching its US list price.
The UK would be the first country in Europe to make this medicine available for adults living with schizophrenia.
Bristol Myers Squibb UK general manager Guy Oliver said on Monday (22), “Despite the UK’s challenging commercial environment, we are committed to working with the NHS, NICE and other authorities to make this medicine available to all eligible UK patients.
"However, to enable us to achieve this goal, a new approach is needed. We therefore call on the Government to collaborate with the life sciences sector to increase investment in new medicines and fully recognise the value that innovation brings to patients, society, and the UK’s long-term prosperity.”
The New Jersey-based company intends to submit a marketing authorisation application for the Cobenfy (xanomeline and trospium chloride) to the Medicines and Healthcare products Regulatory Agency (MHRA) later this year, via the International Recognition Procedure (IRP).
This fast-track route enables accelerated approval by leveraging its prior authorisation by the Food and Drug Administration (FDA).
Cobenfy carries a US list price of $1,850 a month, or about $22,500 annually, Reuters reports.
Schizophrenia is a mental health disorder that affects approximately 1 in 100 people in the UK with nine times greater suicide risk.
The annual societal cost of schizophrenia is estimated at over £9 billion.
This announcement comes after mounting pressure on drugmakers to lower their US prices.
The prices of prescription drugs in the US is much higher than most European countries.
Unlike in the US, where market forces determine drug prices, European governments typically negotiate directly with companies to set prices for their national healthcare systems.
