IMS: Global cancer drug spending soared past $100 billion in 2014
- Worldwide cancer drug spending grew by 10.3% between 2013 and 2014, according to a new IMS report.
- Spending increased from roughly $75 billion in 2009, to $100 billion in 2014, the report said.
- The U.S. accounted for 42.2% of spending on cancer drugs.
The report details a shift away from chemotherapies towards drugs that target a specific protein or genetic mutation, which now account for almost half of oncology drug spending in the U.S. The increased spending on cancer drugs is partly a function of a large influx of new treatment options, including the 45 new drugs, which were launched between 2010 and 2014. The good news about all of this spending is that five-year survival rates have been rising, even though access is still a challenge in some countries.
The increased spending on cancer drugs is expected to increase going forward, especially as drugs that ignite immune reaction against cancer enter the market, such as those being developed by BMS Merck, Roche and AstraZeneca.