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CRISPR Therapeutics, a leader in gene therapy, achieved a milestone with the FDA's approval of its Casgevy product for sickle cell disease, marking the first CRISPR-based therapy. Despite a promising pipeline and $1.9 billion in cash, the company faces challenges with slow commercialization and minimal revenue from Casgevy, which has only reached one patient so far. As it prepares for expanded indications and updated efficacy data by 2025, investors remain cautious amid a 46% drop in share value from its 52-week high.
The global CRISPR and Cas gene market reached approximately $3.3 billion in 2023, growing at a CAGR of 20.38% since 2018. It is projected to expand to $8.8 billion by 2028 and $24.6 billion by 2033, driven by advancements in cancer therapeutics and gene therapy research. North America leads the market, accounting for 45.3% of the total value in 2023.
The Centers for Medicare & Medicaid Services has negotiated agreements with Vertex Pharmaceuticals and bluebird bio to include their sickle cell disease treatments, Casgevy and Lyfgenia, in a new Cell and Gene Therapy Access Model. This voluntary model allows states in the Medicaid Drug Rebate Program to apply for funding based on the drugs' effectiveness in improving patient outcomes. With over 100,000 individuals affected by sickle cell disease in the U.S., the initiative aims to enhance access to innovative therapies while providing budget predictability for state Medicaid agencies.
Vertex Pharmaceuticals Inc
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
CRISPR Therapeutics faces challenges despite FDA approval of groundbreaking therapy
15:45 14.12.2024
global growth trends in the crispr and cas gene market to 2033
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