Amgen has a novel idea on drug prices

And it involves lowering them. Yesterday, the company said it would reduce the list price of its injectable medicine for high cholesterol by 60 percent.

It’s a virtually unheard-of move for a company not facing generic competition. Drug makers have moved to effectively lower drug prices by offering rebates and discounts, but the list price, which is rarely paid by patients, almost always stays intact. Regeneron and Sanofi, makers of a rival cholesterol medicine, lowered the net price of their drug earlier this year but left the wholesale cost untouched.

Meanwhile, President Trump, who once promised drug companies would voluntarily lower their prices, is going to speak on the issue later today.