Genentech caps cost of cancer drug

In an apparent nod to growing concern over the rapidly climbing costs of cancer drugs, Genentech announced that it would cap the total cost of its drug Avastin at $55,000 a year for patients below a certain income level. The announcement came as the drug, approved two years ago as a treatment for colorectal cancer, received a new approval for use in treating advanced nonsmall-cell lung cancer. Avastin costs about $4,400 per month for treatment of colorectal cancer. Twice as much of the drug is needed for lung cancer, bringing the cost to $8,800 a month, or more than $100,000 a year. Read the full story.