Roche Holding AG via Bloomberg News
A Food and Drug Administration panel recommended withdrawing Avastin for the treatment of breast cancer, saying studies have failed to prove the drug's effectiveness. The FDA is likely to follow the advisors' recommendation, which would give private insurance companies a reason to stop covering the drug's cost for breast cancer patients. However, Medicare will continue to cover the $8,000 per month cost of the drug, a spokesman for the Centers for Medicare and Medicaid told Reuters. The agency said it will also pay for the prostate cancer drug Provenge, which costs about $93,000 and extends life by about 4 months.