DANBURY, Conn. & RESEARCH TRIANGLE PARK, N.C.--(BUSINESS WIRE)-- The IQVIA™ Institute for Human Data Science found in its latest report, Global Oncology Trends 2018: Innovation, Expansion and Disruption, that spending on cancer drugs in the U.S. has doubled since 2012, reaching almost $50 billion in 2017, with two-thirds of the growth tied to drugs launched within the past five years. Those drug costs are expected to double again by 2022. Outside the U.S., oncology drug costs exceeded $60 billion in 2017, driven by new product launches and increased use of existing brands.
The study also showed wide differences in final out-of-pocket costs for U.S. patients paying for cancer medicines based on drug choice, manufacturer prices and insurance plans. While outpatient drugs often result in high costs for payers, the patient responsibility averages less than $500 per year for commercial plans and patient costs for retail drugs are often reduced by extensive use of coupons, which offsets high-cost exposure.
“Payers continue to be challenged as they seek value and fund access to the latest oncologic treatment options,” said Murray Aitken, IQVIA senior vice president and executive director of the IQVIA Institute for Human Data Science.
“The surge in innovation brings new dimensions of complexity, even as the availability of predictive biomarkers and diagnostic tests can help bring a more precise course of treatment to an individual patient,” Aitken said. “There are also a number of disruptive technologies that will reshape healthcare and cancer specifically, including data science that incorporates artificial intelligence and real-world data, as well as advances in patient engagement through mobile apps.”
Additional highlights of the Global Oncology Trends 2018 report include:
The full version of the report, including a detailed description of the study methodology, is available at www.IQVIAInstitute.org.The study was produced independently as a public service, without industry or government funding.
About the IQVIA Institute for Human Data Science
The IQVIA Institute for Human Data Science contributes to the advancement of human health globally through timely research, insightful analysis, and scientific expertise applied to granular non-identified patient-level data.
Fulfilling an essential need within healthcare, the Institute delivers objective, relevant insights and research that accelerate understanding and innovation critical to sound decision-making and improved human outcomes. With access to IQVIA’s institutional knowledge, advanced analytics, technology, and unparalleled data, the Institute works in tandem with a broad set of healthcare stakeholders to drive a research agenda focused on human data science, including government agencies, academic institutions, the life sciences industry, and payers. More information about the IQVIA Institute can be found at www.IQVIAInstitute.org.
IQVIA (NYSE:IQV) is a leading global provider of advanced analytics, technology solutions, and contract research services to the life sciences industry. Formed through the merger of IMS Health and Quintiles, IQVIA applies human data science — leveraging the analytic rigor and clarity of data science to the ever-expanding scope of human science — to enable companies to reimagine and develop new approaches to clinical development and commercialization, speed innovation, and accelerate improvements in healthcare outcomes. Powered by the IQVIA CORE™, IQVIA delivers unique and actionable insights at the intersection of large-scale analytics, transformative technology, and extensive domain expertise, as well as execution capabilities. With more than 55,000 employees, IQVIA conducts operations in more than 100 countries.
IQVIA is a global leader in protecting individual patient privacy. The company uses a wide variety of privacy-enhancing technologies and safeguards to protect individual privacy while generating and analyzing the information that helps customers drive human health outcomes forward. IQVIA’s insights and execution capabilities help biotech, medical device and pharmaceutical companies, medical researchers, government agencies, payers, and other healthcare stakeholders tap into a deeper understanding of diseases, human behaviors, and scientific advances in an effort to advance their path toward cures. To learn more, visit www.IQVIA.com.
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