Contribution to overall drug spending hit five percent in 2009…
By Militza Richard
Cancer treatments are expected to become the biggest driver of specialty pharmacy spending says Health Solutions, Inc. (NYSE: MHS).Spending for oncology specialty drugs increased 15.1 percent last year, reaching five percent of the overall drug market in the first half of 2009. In fact, oncology drugs only trail medications for autoimmune conditions and multiple sclerosis as a specialty drug growth driver. Driven by medications that can cost tens of thousands of dollars per course of therapy and a deep pipeline of new targeted products with fewer side effects than traditional chemotherapy, worldwide sales of these medications are expected to reach $80 billion by 2012
"Targeted cancer therapies have dramatically reshaped oncology and greatly benefited cancer patients," said Dr. Robert S. Epstein, Medco's chief medical officer. "The newer cancer drugs improve survival rates since they target what fuels the cancer's growth. As some may extend life, they may be used for longer periods of time and improve quality of life for millions of patients. Due to the higher costs of these treatments, however, proper selection and dosing is extremely important."
There are currently over 800 oncology drugs under investigation with nearly 1.48 million cancer diagnoses expected this year. Early cancer detection coupled with effective, well-tolerated medications provides patients with the best possible care and the highest chances for survival. According to the American Cancer Society, cancer patients today are living longer than a generation ago with the five-year relative survival rate for all cancers combined between 1996-2004 reaching 66 percent, up from 50 percent between 1975-77.
The vast majority of drugs approved by the Food and Drug Administration in the last four years cost more than $20,000 for a twelve-week course of therapy. Some individual treatments can cost $10,000 per month. Oncology drugs are projected to account for 9 percent of all prescription pharmaceutical spending growth between 2009 and 2011.
For more information please visit http://www.medcohealth.com/