publication date: May. 15, 2015

Report: Global Cancer Spending Reaches $100 Billion Mark

 

Global spending on oncology drugs in 2014 reached $100 billion, up 10.3 percent over 2013 and up from $75 billion in 2010, according to the 2015 Global Oncology Trend Report, published by the IMS Institute for Healthcare Informatics. The annual compound growth rate increased to 6.5 percent over the past five years.

The study, “Developments in Cancer Treatments, Market Dynamics, Patient Access and Value,” found that the U.S. and the five largest European nations continue to spend the most in oncology, making up two-thirds of the total international market.

Even as the share of total medicine spending of oncologics increased only modestly, earlier diagnosis, longer treatment duration and increased effectiveness of drug therapies are contributing to rising levels of spending on medicines for cancer care, according to IMS.

Targeted therapies have dramatically increased their share of total global oncology spending, while at the same time, payers and national health systems have intensified their scrutiny of the value of these medicines relative to their incremental benefits over existing treatments, with cost effectiveness assessments frequently resulting in limited patient access to these drugs, according to IMS.

Access and reimbursement issues are likely to become more complicated in coming years as individual and combination oncology medicines address multiple cancer types and patient populations with varying dosage and clinical value.

“The increased prevalence of most cancers, earlier treatment initiation, new medicines and improved outcomes are all contributing to the greater demand for oncology therapeutics around the world,” said Murray Aitken, IMS Health senior vice … Continue reading 41-19 Report: Global Cancer Spending Reaches $100 Billion Mark

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