WASHINGTON (AP) — Medicare officials are confirming that the program will pay for the prostate cancer drug Provenge, an innovative therapy that costs $93,000 and extends life about four months.
|The decision from the Centers for Medicare and Medicaid repeats an earlier proposed ruling that the biotech drug from Dendreon Corp. is a "reasonable and necessary" medicine. The agency will only pay for the treatment when it is used in accordance with the instructions on the label.
|The decision ensures that thousands of older men will be able to take the drug through government-backed health care coverage. With government reimbursement, analysts estimate Provenge could rack up $1 billion in sales next year.
|The decision is important for Dendreon because most prostate cancer patients are 65 or older.
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