For biotech investors, the news that AbbVie ABBV -2.25% has cut a deal with Express Scripts ESRX +0.69% to sell its new hepatitis C treatment, the Viekira Pak, at a significant and undisclosed discount to its $83,319 seems nothing short of disaster. It means that Gilead Pharmaceuticals will have to compete on price, not just efficacy with its $84,000-per course Sovaldi and $95,000 Harvoni (they are inarguably better drugs). As Adam Feuerstein at The Street points out, that could put limits on the incredible pricing power that is fueling the biotech boom.
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