US spent $99B on cancer drugs in 2023: 5 things to know

The U.S. spent $99 billion on both oral and clinician-administered cancer therapies in 2023, according to a report published in April by analytics firm IQVIA. As cancer drug prices continue to increase, spending is projected to grow.

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By: Elizabeth Gregerson

Here are five things to know about cancer drug spending in the U.S.:

  1. The U.S.’ $99 billion spending on cancer drugs in 2023 represented 45% of global cancer drug spending.
  2. Cancer drug spending in the U.S. is expected to increase to $180 billion by 2028.
  3. The increased spending can be attributed to high launch prices of new drugs and continued price increases of existing drugs, according to an analysis published Oct. 4 in Nature Reviews Clinical Oncology.
  4. The average cancer drug price increased 94% between 2005 and 2023, according to a study published Oct. 19 in PharmacoEconomics.
  5. Researchers from the PharmacoEconomics study found no association between a cancer drug’s price increase and patient survival rates. 
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