Vertex Pharmaceuticals (NASDAQ:VRTX) ended a four-day winning streak on Thursday after UnitedHealth (NYSE:UNH) placed its new pain medication Journavx in a less favorable Tier 3 coverage in two commercial formularies.
According to a formulary update from UnitedHealth’s (NYSE:UNH) Pharmacy Benefits Manager Optum Rx on Thursday, the non-opioid pain drug will be placed under Tier 3 in the company’s Premium and Select Formularies.
Optum Rx said an expert committee is further evaluating the twice-daily medication for its value and safety.
However, its decision will mean that Vertex’s (NASDAQ:VRTX) will face intense competition from Tier 1 and Tier 2 drugs, usually preferred brand-name drugs and generics, in its efforts to increase uptake for Journavx, a more expensive pain therapy option compared to opioids.
After its January FDA approval for moderate to severe acute pain in adults, the company priced Journavx at $15.50 per 50mg tablet.
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