Amgen announced on Wednesday it is creating much lower pricing categories for its innovative biologic, Repatha, reducing the list price by 60%—from the current $14,600 to $5,850 a year. Patients who pay a share of the list price through co-insurance can see immediate savings. The company says it hopes that insurers will see the value of adjusting their formulary tiers to include the drug and make it more accessible and affordable to patients. The list price cut is a market-based approach that is much more likely to succeed in lowering drug prices while allowing investments in research for new innovative therapies to continue.