An increase in cancer cases is putting pressure on Americans already facing a difficult situation—exorbitant drug prices, a lack of regulation, and a system that seems designed to profit, according to experts. Forty-seven percent of over 1,200 cancer patients and survivors surveyed have accrued debt due to their cancer treatment, with 49 percent carrying a burden exceeding $5,000. As many as 69 percent have been grappling with this debt for over a year, and more than a third (35 percent) have been saddled with cancer-related debt for three years or longer.
Almost all (98 percent) of these respondents were insured when the debt was incurred, with high-deductible health plans without a health savings account being the most common coverage (34 percent). The findings suggest that those burdened with cancer-related medical debt are three times more likely to fall behind on recommended cancer screenings (18 percent versus 5 percent). Twenty-seven percent have gone without adequate food, while another 25 percent have been forced to skip or delay essential care due to the crippling debt.
The median price for treatment for oncology drugs averages $257,000 per year—3.7 times higher than that of non-oncology drugs. Compounding the issue, the average inflation-adjusted launch price for oral cancer drugs increased by over 25 percent between 2017 and 2022.
The lack of price regulation and negotiations in the U.S. system allows pharmaceutical companies to enjoy “free rein” in settin.
