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Value Based Drug Development April 21st, 2015 Moderator: Ellen V. Sigal, PhD Chair & Founder, Friends of Cancer Research 1 Expenditures on Cancer Treatment Total and by Type of Service (in billions)* $100.0 $88.3 $90.0 In 2011 dollars (billions) $80.0 $74.8 2001 (adjusted to 2011) $70.0 $60.0 2011 $56.8 $52.0 $50.0 $40.0 $30.0 $20.0 $10.0 $10.0 $2.0 $2.4 $2.9 $0.0 Total • • • Ambulatory Visits and Hospital Stays Prescription Medicines Home Health US Spending on Cancer Treatment continues to rise Total costs increased 35% from 2001 - 2011 Prescription drugs are 11.4% of Cancer Treatment Expenditures • Drug costs alone rose $8 billion in 10 years, an increase of 500% *Center for Financing, Access, and Cost Trends, AHRQ, Household Component of the Medical Expenditure Panel Survey, 2001 and 2011 2 Variations in US Pricing Medical Procedures and Drugs* 25th Percentile Average 95th Precentile $12,726 $11,007 $6,214 $5,482 $4,293 $2,929 $1,145 $532 MRI $2,724 $299 $896 CT Scan Abdomen $1,447 Hospital Cost per Day Gleevec • US cost of care can vary widely for routine medical procedures, hospital stays, and cancer drugs • Prescription Drug costs - 9% of Total US Healthcare Expenditures • Gleevec has had a much higher success rate for patients than many other high cost drugs *Data from International Federation of Health Plans 2013 Comparative Price Report 3 Cost Difference for Cancer Patients Receiving Chemotherapy* • Patients receiving chemotherapy treatment in a community oncology clinic (COC) had a 20% to 39% lower cost of care, depending on diagnosis, compared with those receiving chemotherapy in the hospital outpatient setting (HOP) *Am J Manag Care. 2015;21(3):e189-e196 4 In Summary • National Cancer Care Expenditures continue to rise – Costs for routine procedures and cancer care vary substantially – Patients can end up paying more depending on the treatment center – Great potential to address rising costs for utilization of precision medicine and genetic screening (right drug, to the right patient, at the right time) • As we discuss value in drug development, cost issues are at the forefront • It is important to determine: 1. What does value mean for patients? 2. How the following key components impact patient access, quality of life, and chance of survival: • • • Cost Trends Advances in Innovation Payment Models 5 Panelists • Richard Schilsky, MD – Chief Medical Officer, ASCO • Mace Rothenberg, MD – Senior Vice President and Chief Medical Officer, Pfizer • Andrea Stern Ferris – President, LUNGevity • Louis J. DeGennaro – President, CEO, Leukemia and Lymphoma Society 6