We're getting new treatments for 'a disease that once was definitely a death sentence' - but it comes with a big price tag
- With the explosion of new cancer treatments, global spending on these medications in 2017 rose 18% to $133 billion and is expected to reach $200 billion by 2022, according to a new report.
- The median annual cost of a cancer drug launched in 2017 exceeded $150,000.
There are more than 700 cancer drugs in late-stage development- that's more than a 60% increase from a decade ago.But while the number of new cancer treatments has risen, so too has spending on the disease.
In the US alone, spending on cancer medicine doubled over the last five years from $25 billion to $50 billion, according to the study, which was published by the IQVIA Institute for Human Data Science. The global market for cancer is expected to reach a staggering $200 billion by 2022New treatments are allowing patients to survive longer with their cancer, but there's a price to pay for innovation. The median annual cost of a cancer drug launched in 2017 exceeded $150,000 - almost twice the cost of new treatments that were launched 10 years ago.
"We've still got a long ways to go, and we are spending a lot of money on cancer therapies. But again, these are bringing new treatment options to a disease that once was definitely a death sentence" Murray Aitkens, executive director of IQVIA Institute told Business Insider. "Now we're seeing real, almost-cures, significantly longer remissions for patients and definitely better outcomes. It's a very exciting time."
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