Compared to a placebo, the drug reduced LDL cholesterol by an average of 18% in patients who were also on a statin, studies showed… PCSK9 inhibitors, like statins, are effective in lowering cholesterol. New cholesterol-lowering drug could be an alternative to statins Many people who want to lower their 'bad' cholesterol can't tolerate the side effects of statins. Feb. 24, 2020 -- A new type of cholesterol -lowering drug that works differently than statins has been approved by the U.S. Food and Drug Administration. Nexletol works by inhibiting cholesterol production. These medications offer an alternative for those who can’t take statins. The FDA has approved two new non-statin drugs that clinical trials indicated can help reduce high cholesterol.