Tradeoffs This year, about 580,350 US residents are expected to die of cancer – that’s nearly 1,600 people a day. Cancer is the second most common cause of death in the United States, exceeded only by heart disease. Cancer accounts for nearly 1 out of every 4 deaths in the United States. Drug prices are becoming a developing issue for every disease, especially for people who are uninsured. But the cost of cancer has shown an alarming increase and is steadily growing. As a list of more advanced biotech drugs become available the cost for treatment rounds costing $100,000, or even more, are no longer a rarity.
With each new drug means more research which in turn means more money. Patients’ living longer is great news but also means they need treatment for longer periods which also increases cost. Prices reflect manufacturers’ years of research and development investment. Also, many drug companies donate a certain amount of medication to prescription-assistance programs that provide them for free to patients who otherwise couldn’t pay. This is a great program but is also extremely costly and directly contributes to the cost.
Government involvement can be a deterrent to the rising cost of cancer drugs of its programs are implemented correctly. This cost can be accomplished through disease prevention and wellness programs. The government Healthcare Reform has proven, so far, to be beneficial. As of May, more than 600,000 people have taken advantage of the Affordable Care Act’s. These increases mean profits for the insurance companies, which can translate to lower premiums, since the new insurees pay into the system but require fewer health services. Health insurance companies reported record profits for the first quarter of 2011.
Also, 46% more small businesses than in 2010 offered health care benefits, according to a Kaiser survey. More insured small business employees means fewer bankruptcies, better credit scores and higher consumer demand. All of these gains can indirectly contribute to lower costs of cancer drugs. This allows the companies to spend more, which in turn boosts economic growth. The major economic problem stems from the limits of how much we can actually spend on healthcare, and this lack of resources requires choices. For every type of treatment, there is a clear cost.
This cost is further complicated with what we can and will spend to meet these services. We all need and expect the best medical care, and even if we wish to spend more on these services, we are restricted as to how much of our disposable income we can spend on it. However the amount we do choose to spend, we want to spend it proficiently so that we get the most medical care for whatever given amount we can afford. We all want proper medical care when we need it and when we want it. The mixture of these vital qualities will always bring about issues with the most arguable issue being cost.