Biogen stock plunge shows 'investment model in drug development is all wrong,' says former Aetna CEO

Investors need to change their approach to investing in pharmaceutical companies that are working to develop life-altering treatments, former Aetna Chairman and CEO Mark Bertolini told CNBC on Friday.

"The investment model in drug development is all wrong," he said in an interview with"Squawk Box." Drugmakers such as Biogen are"doing research, they're doing applied science to try and find a way to commercialization. That's what they should be doing." As many as 5.5 million Americans over the age of 65 suffer from Alzheimer's, a progressive disease that often affects memory, thinking and behavior.

The biotech company joins a long list of companies that have failed to successfully treat the disease. Wall Street viewed Biogen's setback on Thursday as the industry essentially going back to the drawing board when it comes to curing Alzheimer.

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