Thought provoking article on biotech-cancer-cost of life
Posted by evolvingwheel on October 11, 2007
I really enjoyed reading this article on MSNBC. An open and realistic discussion of the cost of cure for cancer and other terminating illnesses in the US. I am not going to repeat what’s in the post. You can find it [here]. The article talks about one patient who was diagnosed with breast cancer and tries to focus on several pertinent but critical human issues related to the subject. The very well presented story questions the monetary value of life. It’s about the cost of biotech drug therapy – the state-of-the-art medication that targets specific proteins and is capable of expanding the life expectancy of the affected.
The primary message is the cost of undergoing such elite drugs, and how it affects the patient, his/her family, savings, and lifestyle in general. Most of these drugs are outrageously costly – ranging from $55K to $100K per year of treatment. For an average middle-class individual with a decent salary, the recurring cost of such magnitude gets debilitating. Many loose their lifelong savings, house, and other dear belongings. The human side of the story is very emotional. On the other hand, the drug companies pursue years of research and billions of dollars to bring these revolutionary drugs to the market. Once commercialized, the companies try to salvage their investments several fold. A pressure from the stock market and shareholders moulds the path of profit-making. Some outcries the tremendous cost of ~$100K to maintain a drug regimen and supports the idea of government control over such drug prices – which is right away a damper to innovation and free market impetus. So how do you balance that?
I believe that in the coming years these questions need to be addressed sincerely. Not just from political and social perspectives but also from business platforms. How can these drug companies manage to continue their innovation, leverage their invaluable intellectual capital, benefit from the one-way (seller’s market) cost proposition, address the ethical and social questions, and meanwhile appease the investors to continue growth. Several challenging issues that need to be dealt by business community, political community, scientific community, and the general population.
Picture: Genentech Building