US Cancer Patients Are 2.7 Times More Likely to Declare Bankruptcy
In the US, individuals diagnosed with cancer are 2.7 times more likely to declare bankruptcy than individuals without cancer, according to a research study led by Dr. Daniel A. Goldstein.
This study, published in biomedical journal Oncotarget, titled “A global comparison of the cost of patented cancer drugs in relation to global differences in wealth” identifies several critical factors impacting cancer patients.
An international group of researchers, led by Goldstein, obtained the prices of eight FDA approved and patented cancer drugs in seven participating countries, and assessed international differences in wealth by collecting values for gross domestic product (GDP) per capita in addition to average salaries.
Cancer Drug Affordability is Correlated with Wealth
The researchers found that cancer drug affordability is correlated with wealth, indicating that cancer drug prices were most affordable in high-income countries and least affordable in low-income countries.
However, there was one exception in the correlation between income and affordability in the US, which has the highest average monthly price per patented drug of all countries in the study.
“While the cost and value of cancer drugs have recently gained considerable attention, an additional factor of economic importance must be considered – namely affordability,” explained Goldstein. “The high cost of cancer drugs places a financial burden on both society as well as patients and their families. In the US, individuals diagnosed with cancer are 2.7 times more likely to declare bankruptcy than individuals without cancer.”
Important questions arise from this analysis.
Should identical drugs have identical prices around the world irrespective of where they are purchased? If they are different, should prices simply be based on market forces or should they be related to wealth in order to provide equivalent levels of affordability worldwide?
Major challenges are expected in the years ahead to pay for the multitude of cancer drugs that have recently been developed, with an uneven financial burden to public and private payers from country to country.
Copyright Today’s Credit Unions