//Under an appraisal system, Nice will have to take into account “wider societal benefits” alongside the cost of medication and its life-enhancing properties. //
Lets read that again
*alongside the cost of medication and its life-enhancing properties.*
not instead of - and not "you, you but not you" on an individual basis as the OP implies!
And who has the great fears for the elderly?
//Pharmaceutical firms on Thursday night warned that the move could lead to new medicines being denied to the elderly.//
Oh right the Pharmacutical companies!
Now I don't often agree with the government but I do this time!
A spokesman for the Department of Health said: "This is irresponsible scaremongering based on pure speculation about a consultation that has not even started. It is absolutely not true to say that older people will not get treatment because of their age.”