Lower-cost biotech drug gets thumbs up from FDA panel

WASHINGTON (AP) — The second-biggest selling drug in the world could get some cheaper competition in the U.S., after a federal panel endorsed an alternative version of the pricey medication used to treat rheumatoid arthritis and other inflammatory diseases.

A panel of Food and Drug Administration advisers voted unanimously in favor of Amgen's version of AbbVie's Humira, a biotech drug that raked in nearly $15 billion last year, according to IMS Health.

First approved in 2002, Humira has long been among the most profitable drugs in the world.

The injectable drug, which blocks chemicals linked to inflammation, is approved for multiple uses, including rheumatoid arthritis, Crohn's disease and psoriasis.