Sign up for our daily briefing
Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Denver news in your inbox
Catch up on the most important stories affecting your hometown with Axios Denver
Des Moines news in your inbox
Catch up on the most important stories affecting your hometown with Axios Des Moines
Minneapolis-St. Paul news in your inbox
Catch up on the most important stories affecting your hometown with Axios Twin Cities
Tampa Bay news in your inbox
Catch up on the most important stories affecting your hometown with Axios Tampa Bay
Charlotte news in your inbox
Catch up on the most important stories affecting your hometown with Axios Charlotte
The FDA approved a new cancer therapy (AP Photo/Rich Pedroncelli, File)
The Food and Drug Administration approved a first-of-its-kind cancer treatment today, flexing a relatively new regulatory authority and emphasizing its potential to promote competition and bring down drug costs.
The drug, Mvasi, belongs to a class of drugs known as "biosimilars" — which are like generic versions of highly complex, and therefore expensive, biologic drugs.
Why it matters: Drug pricing traditionally hasn't been the FDA's forte, but Commissioner Scott Gottlieb is aggressively promoting more competition — especially from generics — as a way to make drugs more affordable.