DANBURY, Conn. & RESEARCH TRIANGLE PARK, N.C.--(BUSINESS WIRE)-- During the past decade, advances in personalized medicine and immuno-oncology have fueled a major shift in treatment of cancer. Since 2011, 68 novel therapies have been approved across 22 cancer indications globally. These developments have led to more options as well as greater access and improved outcomes for patients—especially for those individuals with metastatic disease.
In addition to the recent wave of newly launched therapies, the late-stage oncology pipeline is robust with 631 unique molecules in development. That marks a 7.7 percent increase from the 586 oncology molecules in advanced-stage clinical research just a year ago. During the past five years, clinical development has become more efficient with shortened research-cycle times—particularly within Phase III trials for new cancer medicines. That efficiency, coupled with continuing efforts to compress investigational timelines, signal faster review periods and greater availability of superseding treatments than ever before, according to new research from the QuintilesIMS Institute.
The study, Global Oncology Trends 2017: Advances, Complexity and Cost found that this innovation comes at a cost. Global spending of oncology therapeutics and supportive care drugs increased to $113 billion in 2016 from $107 billion in 2015. The total global cost of cancer medicines rose at a constant annual growth rate (CAGR) of 8.7 percent during the past five years. That marks a noticeable increase compared to the 4.9 percent growth recorded between 2006 and 2011. Total spending for oncologics and supportive care worldwide is expected to exceed $147 billion by 2021. With projected growth of 6 to 9 percent annually, spending across the oncology therapy area will likely outpace the 4 to 7 percent CAGR for total global spending on medicines during the same period.
“The launch of multiple novel agents, coupled with increasing awareness and focus on cancer prevention, and emphasis on early diagnosis, have contributed to improved outcomes and a reduction in mortality rates for many of the major cancers over the past decade,” said Murray Aitken, senior vice president and executive director of the QuintilesIMS Institute.
Additional highlights from the QuintilesIMS Institute report include:
The full version of the report, including a detailed description of the methodology, is available at www.quintilesimsinstitute.org.The study was produced independently as a public service, without industry or government funding.
About the QuintilesIMS Institute
The QuintilesIMS Institute provides key policy setters and decision makers in the global health sector with unique and transformational insights into healthcare dynamics derived from granular analysis of information. It is a research-driven entity with a worldwide reach that collaborates with external healthcare experts from across academia and the public and private sectors to objectively apply the company’s proprietary global information and analytical assets. More information about the QuintilesIMS Institute can be found at: www.quintilesimsinstitute.org.
QuintilesIMS (NYSE:Q) is a leading integrated information and technology-enabled healthcare service provider worldwide, dedicated to helping its clients improve their clinical, scientific and commercial results. Formed through the merger of Quintiles Transnational and IMS Health, QuintilesIMS’s approximately 50,000 employees conduct operations in more than 100 countries. Companies seeking to improve real-world patient outcomes through treatment innovations, care provision and access can leverage QuintilesIMS’s broad range of healthcare information, technology and service solutions to drive new insights and approaches. QuintilesIMS provides solutions that span clinical to commercial, bringing customers a unique opportunity to realize the full potential of innovations and advanced healthcare outcomes.
As a global leader in protecting individual patient privacy, QuintilesIMS uses healthcare data to deliver critical, real-world disease and treatment insights. Through a wide variety of privacy-enhancing technologies and safeguards, QuintilesIMS protects individual privacy while managing information to drive healthcare forward. These insights and execution capabilities help biotech, medical device and pharmaceutical companies, medical researchers, government agencies, payers and other healthcare stakeholders in the development and approval of new therapies, and to identify unmet treatment needs and understand the safety, effectiveness and value of pharmaceutical products in improving overall health outcomes. To learn more, visit www.QuintilesIMS.com.
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