Spending on U.S. cancer medicines nearly doubled over the last five years—and may well double again in the next five years, a new report from IQVIA claims.
Total spending on cancer drugs reached nearly $50 billion last year, almost twice what was spent in 2012, according to IQVIA. Spending on anti-cancer drugs outside the U.S. grew to more than $60 billion, up from about $35 billion in 2012.
Cancer drugs are growing more expensive and are being used by fewer people with more frequency, IQVIA’s researchers found. Ten years ago, the median annual cost of a newly-launched cancer drug was about $79,000; in 2017, the median cost was more than $150,000. Eighty-seven percent of oncology drugs were used by fewer than 10,000 patients, the healthcare consulting firm reported.