Spectrum Pharma (SPPI) To be Reimbursed for ZAEVALIN Based on Average Sales Price
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Spectrum Pharmaceuticals (NASDAQ: SPPI) today announced that the Centers for Medicare & Medicaid Services (CMS) finalized a policy to allow reimbursement for ZEVALIN (ibritumomab tiuxetan), a CD20-directed radiotherapeutic antibody, in the Hospital Outpatient Prospective Payment System, based on the Average Sales Price (ASP) methodology applicable to other injectable drugs and biologicals. This reimbursement methodology will go in to effect January 1, 2010.
"We are pleased with the CMS policy ruling, as it represents an important milestone toward establishing a consistent reimbursement standard for ZEVALIN," said Rajesh C. Shrotriya, MD, Chairman, Chief Executive Officer, and President of Spectrum Pharmaceuticals. "We believe that securing ASP methodology for ZEVALIN removes a significant historical barrier to its use. This ASP methodology has until now been widely used for injectable chemotherapy drugs and as such, there is high familiarity with this reimbursement standard."
"We are pleased with the CMS policy ruling, as it represents an important milestone toward establishing a consistent reimbursement standard for ZEVALIN," said Rajesh C. Shrotriya, MD, Chairman, Chief Executive Officer, and President of Spectrum Pharmaceuticals. "We believe that securing ASP methodology for ZEVALIN removes a significant historical barrier to its use. This ASP methodology has until now been widely used for injectable chemotherapy drugs and as such, there is high familiarity with this reimbursement standard."
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