Harvard Pilgrim Health Care, the Massachusetts-based New England health insurer,  has agreed to cover Amgen Inc.’s pricey new cholesterol drug  but only in exchange for a discount, along with potential rebates if the treatment fails to meet performance targets, The Boston Globe reported.

“The companies said the deal was the first pay-for-performance contract for the cholesterol drug, called Repatha, though Amgen is negotiating similar pacts with other insurers, the paper said.
Harvard Pilgrim  hopes that “the contract can help establish a new model for reimbursing makers of high-priced specialty medicines at a time of mounting concern over spending,” The Globe said.