publication date: Mar. 16, 2018
President’s Cancer Panel calls for urgent action on drug prices
Urgent action must be taken to address the dramatic rise of cancer drug prices and to better align prices with value, the President’s Cancer Panel urged in a recent report.
The report, “Promoting Value, Affordability, and Innovation in Cancer Drug Treatment,” finds that while some cancer drugs have indeed been transformative, and may warrant prices that reflect their value, many new drugs do not provide benefits commensurate with their prices.
The panel concludes that stakeholders across the cancer enterprise—including drug developers and manufacturers, policy makers, government and private payers, healthcare institutions and systems, providers, and patients—must work together to maximize the value and affordability of cancer drug treatment and to support investments in science and research that drive future innovations.
The report acknowledges that many factors influence a drug’s value, and that the relative importance of these factors depends on stakeholders’ perspectives. The panel concludes that when it comes to defining the value of cancer drugs, patients’ benefit must be the central focus.
The panel’s report concludes that rapidly rising spending on cancer drugs is unprecedented and cannot be ignored, and that public-private collaboration is critical to ensure that patients receive high-quality cancer treatment and experience the best possible health outcomes without financial toxicity.
The panel proposes three guiding principles:
Cancer drug prices should be aligned with their value to patients;
All patients should have affordable access to appropriate cancer drugs; and
Investments in science are essential to drive future innovation.
The panel identifies six critical action items:
Promote value-based pricing and use of cancer drugs;
Enable meaningful … Continue reading President’s Cancer Panel calls for urgent action on drug prices
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