Vertex Pharma makes 1st price hike on cystic fibrosis drug

Vertex Pharmaceutical increased the price of its cystic fibrosis drug Orkambi for the first time since the drug's 2015 approval, reports Boston Business Journal.

Vertex raised Orkambi's price from $251,000 per year to about $273,000 annually, representing a 5 percent increase.  

The drug is widely available to patients through insurance coverage, and Vertex does not anticipate the price hike to affect patients' out-of-pocket costs, a company spokeswoman told Boston Business Journal.

Orkambi produced $980 million in sales last year.

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