Worldwide cancer drug sales are already way ahead of those of other drugs and the revenue generated by them is expected to grow even larger by 2024. This is according to a report recently released by consultancy Evaluate, which analyses trends in the pharmaceutical sector.
According to Evaluate’s calculations, oncology drugs reached US$123.8 billion in sales in 2018, more than double that of the next item on the list, drugs treating diabetes with US$48.5 billion dollars in sales. By 2024, cancer drug sales are expected to almost double to US$236.6 billion dollars.
Cancer drugs are extremely pricey and therefore generate high revenues, with costs of cancer treatment at above US$100,000 per patient. Cancer rates themselves are also rising with humans increasing their lifespans. Money funneled into cancer research means new medications coming out, which improves cancer treatment but might also increase its price as pharmaceutical companies charge a premium for the newly researched and released drugs.