MUSTAQEEM SIDDIQUI: Hello, and welcome. My name is Mustaqeem Siddiqui. I am a hem/onc hospitalist here at the Mayo Clinic in Rochester, Minnesota. I am co-author of a thought-provoking commentary titled "The High Cost of Cancer Drugs and What We Can Do About It" that will soon be published in the Mayo Clinic Proceedings.
As you know, there is much discussion about the costs of health care in the United States. Compared to other wealthy nations, our expenditure on health care per person in the US is 50% higher than the next largest spender. In cancer care, there have been many new and exciting treatments that offer hope to those with cancer. Sadly, the benefit of these new drugs is typically short-lived. And many of these drugs are very expensive, ranging between $60,000 to more than $120,000 per year.
Higher cancer drug costs affect patients in two major ways-- first, through an increase in insurance premiums so insurance companies can afford to pay for these drugs and, secondly, through higher out-of-pocket expenses. In the commentary, we examine factors that may explain why the cost of cancer drugs is high. From business models, to current legislation, to comparisons with other countries, we provide a general overview of these factors and suggest ways these could be addressed. The article is intended to be provocative and stimulate debate. We welcome all your comments, and we look forward to receiving them.
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