Date: 8th May 2019
Pfizer got approval for its drug, named tafamidis, which stands to be a cure for a rare heart disease. The company came up with the announcement on Monday after which its share price increased a bit. The share price stands at $41.44 as of now.
The disease that the drug has been made for is called transthyretin amyloid cardiomyopathy. This is disease involves deposits of amyloids, a type of protein, in the heart causing progressive heart failure. Before the approval was granted by the Food and Drug Administration (FDA), the only solutions doctors had for the disease was symptom management. Besides that, a heart transplant was also an alternative but was conducted in rare cases only.
In the announcement, the company said that the drug has been the first to be approved in the country for the disease. It further mentioned the listed price of the drug as $225,000. Pfizer said that the number of people who potentially have the disease in the United States amounts up to 100,000. It added that only about 1 to 2 per cent of these have been diagnosed.
Vyndaqel is the brand name under which the drug will be sold. Tafamidis was earlier not approved by the FDA back in 2012 when it was introduced as a cure for familial amyloid polyneuropathy – a deadly neurodegenerative disease. However, 40 other countries accepted the drug for the disease back then.
The global president of rare disease at Pfizer, Paul Levesque said in a statement the drug’s approval is a major breakthrough. It will provide relief to patients who could not find a treatment for the rare disease.
The predicted sales of the drug amount to over $1 billion in 2024. The company has claimed that the arrival of the drug in the medicine industry would reduce the hospitalization of patients due to the disease by 32 per cent.