IMS Institute – The latest report by the IMS Institute for Healthcare Informatics says that annual sales of the global cancer drugs market have crossed the $100 billion mark. IMS, a unit of the IMS Health drug data provider, has estimated that the figure can cross $147 billion mark by the year 2018. These figures are not a part of the discounted drugs or medicines that are available for rebates paid under the government programs or as a part of the insurance.
According to IMS, when it comes to cancer drugs such discounted or rebated figures will not make much difference to the overall figure. Murray Aitkin, IMS Institute’s executive director, has said that humanity is sitting on the verge of a big innovation that is sure to transform the landscape for everyone including patients, providers and drug marketing companies.
Cancer Medication Conundrum
It is a well-known fact the cancer affects the aging people the most. With growing age, the immunity system of the body decreases due to which cancerous cells can attack such ages people very fast. It means that to fight cancer; humankind needs to come up with highly effective medications that will help the elderly people fight the attack of cancer.
On the other hand, it is also very much imperative that the cost of the drugs is affordable so that the pensioners can afford the medicine to treat their disease. It is very difficult at present to develop an effective medicine and make it available at affordable prices. That is why, the coming days, the world will be on the brink of a cancer medication conundrum.
According to IMS, last year the total amount spent for cancer drugs per person was around $99, which is up from the $71 per person in the year 2010. The year 2013 saw an annual 10.3% rise in the cancer drug market.
Currently, the giants in the pharmaceutical industry like the Roche and Merck & Co. and AstraZeneca are investing hugely in the new cancer treatment that can make the body develop an immune system to fight tumors.