The FDA has approved Bristol Myers Squibb’s new schizophrenia drug, Cobenfy, the first novel treatment for schizophrenia in over 70 years. Schizophrenia affects nearly 3 million U.S. adults, but only 1.6 million receive treatment. Many discontinue medication due to side effects or ineffectiveness. Cobenfy offers a new approach by targeting receptors in the brain without directly blocking dopamine, which can cause side effects. Cobenfy will cost over $1,800 per month, but Bristol Myers Squibb expects minimal out-of-pocket costs for most patients, as 80% are covered by government insurance.