EU accepts Aspen’s cheaper cancer meds

BRUSSELS: Cancer medicines could become significantly cheaper in Europe after the European Commission accepted pharmaceutical giant Aspen’s suggestion to drop prices for some products by almost three-quarters to avoid fines.

The commission opened an antitrust investigation in May 2017 over concerns that Aspen had abused its dominant position in Europe by charging excessive prices for critical off-patent cancer medicines.

Yesterday, it formally accepted the company’s proposal to reduce prices by 73% on average for six off-patent products in the bloc.

Commission vice-president Margrethe Vestager said Aspen’s commitments would save EU health care systems a significant amount of money.