Cancer drug spending jumps to $113B in 2016: 5 report findings

Annual global spending on cancer drugs peaked at $113 billion in 2016, according to a 2017 global oncology trends report from the QuintilesIMS Institute.

To compile the report, researchers examined data from numerous oncology databases detailing medication spending and cancer drug pipelines, among other quantitative measures.

Here are five report findings.

  1. Worldwide oncology drug spending increased from $91 billion in 2012 to $113 billion in 2016.

  1. QuintilesIMS projects annual spending growth of 6 percent to 9 percent over the next five years.

  1. Regulators — including the Food and Drug Administration — approved 68 new cancer treatments since 2011, according to the report.

  1. There are 631 experimental cancer drugs currently in development.

  1. The median time for a company to earn a patent for an investigational drug and receive regulatory approval dropped from 10.25 years in 2013 to 9.8 years in 2016, according to the report.

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