Vertex Pharmaceutical increased the price of its cystic fibrosis drug Orkambi for the first time since the drug's 2015 approval, reports Boston Business Journal.
Vertex raised Orkambi's price from $251,000 per year to about $273,000 annually, representing a 5 percent increase.
The drug is widely available to patients through insurance coverage, and Vertex does not anticipate the price hike to affect patients' out-of-pocket costs, a company spokeswoman told Boston Business Journal.
Orkambi produced $980 million in sales last year.
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