Oncology drug spend in the US increased 63% between 2011 and 2015. In a study of 24 Medicare Part B oncology drugs approved by the FDA, the Journal of Clinical Oncology found that the price of drugs increased an average of 25% between 1996 and 2012. And since December 2014, roughly 20 brand-name prescription drugs for oncology have at least quadrupled in price.
The economics are staggering, challenging, and driving the cost of care higher and higher. Listen to Dr. James Lloyd Wade III, president of Cancer Care Specialists of Illinois, describe four paths to curb oncology drug spend and lower costs while maintaining and delivering high-quality care.
"Many oncologists, reading literature, trying to do the right thing will feel that they are caught in a continuous stream where they're just going to have newer and high-priced treatments and be caught in this 'up' escalator. But that's not necessarily the path you're stuck with. You can make choices that give patients a good outcome that can be based on value without degrading the quality of their care." - Dr. James Lloyd Wade III