(The Times-Gazette) – According to a report on worldwide trend a staggering $100 billion is spent annually on cancer medicines, diagnostic tests and consultations. Paradoxically, when you fall sick and cannot work, you also don’t get your pay. Although the insurance does provide a safety net for the money that goes out towards the tests and consultations, it is still a double edged weapon since the insurance is paying just a part of the bills, particularly when it is cancer.
$100 billion represents a huge chunk of the total money that the world spends on total healthcare costs and medicine, but it is also a part of the health care system which produces great results with significant benefits to patients – says Murray Aitken, the executive at IMS Institute of Healthcare Informatics which consolidated this report.
Although there are several components in the staggering spend of $100 billion, nearly 11% is represented by the cost of drugs that are given to patients including drugs for nausea and anaemia. The IMS also found that this high cost is in fact influenced by competition of new and expensive treatments in advanced regions worldwide.