A group of U.S. and European academic researchers have expressed their disapproval over the extremely high prices of cancer medicines. British scientist Paul Workman is accusing pharmaceutical companies of charging excessively high prices on cancer medicines, some of which costing over $100,000 per year.
The skyrocketing prices of cancer medicines is an increasing concern for healthcare providers due to the fact that many patients have difficulties paying for new medicines that typically cost $10,000 per month or more. By 2020, it is expected that international cancer medicine sales will reach the $150 billion mark. Unfortunately, researchers believe that even the current prices are simply unreasonable as there is an increasing number of people needing treatment for cancer.
Last month, two groundbreaking breast cancer medicines were given draft rejections due to its high costs; these include the Kadycla from Roche that comes with a hefty tag of $90,000 per year and Pfizer’s Palbociclib that was planned to be made available at nearly $48,000 per year.
London Institute of Cancer Research chief executive Professor Workman and fellow researchers have published their official statements in the scientific journal Cell, pointing out the need for an updated business model when it comes to drug development. It was suggested that research for new cancer medicines and other drugs should be made in collaboration with small private companies instead of major pharmaceutical firms to ensure low to moderate costs. "Something has to change. This is a call to arms," he told Reuters. "Charging $100,000 is unsustainable. We need to be thinking about getting prices down toward a half or a third of that, ideally even less."
Professor Workman and his colleagues also assert that coming up with new models require ample experience and high levels of expertise; resources should also be plentiful in order for cancer medicines and other similar drugs to be quickly yet effectively developed and released. This way, cancer patients can gain access to drugs as needed at an affordable cost.
Meanwhile, drug companies are defending their actions. Dr. Rebecca Lumsden, Association of the British Pharmaceutical Industry science policy head, said, “Making a new medicine requires considerable time, investment and expertise… We welcome the opportunity to work with all partners to develop new models that could bring drugs to patients faster.”
