US Medicare Starts Coverage Policy Review For Biogen's Aduhelm

The U.S. government started a review process for national Medicare coverage of Biogen Inc's BIIB Alzheimer's drug, Aduhelm.
The Centers for Medicare & Medicaid Services expects to give a proposed decision within six months and a final decision within nine months.
Aduhelm is priced at $56,000 per year, which could represent significant spending for the government's Medicare program for people aged 65 and older.
The review will include an analysis of published clinical studies and medical society guidelines, as well as two public hearings later this month to assess the therapy's benefits.
Last week, the FDA revised its prescribing recommendations for Aduhelm amid criticism that its initial approval applied to all Alzheimer's patients rather than a narrower group in which the Company conducted trials.
Also, FDA Acting Commissioner Janet Woodcock asked for a federal investigation into meetings between agency staff and Biogen executives before the approval decision.
Price Action: BIIB shares are up 1.6% at $354.76 during the market session on the last check Tuesday.