Oncologists to focus on cost of latest cancer drugs

The escalating costs and questions about clinical benefit of many of the latest cancer drugs will be a major theme running through the discussions this week at the annual meeting of the American Society of Clinical Oncology in Chicago.

Affordability of cancer drugs, especially those that have recently come to market, is a huge concern for healthcare providers and insurers. It's also a growing concern for many patients who face high cost-sharing bills. Nearly a third of the 30 drugs approved by the Food and Drug Administration in fiscal 2013 are cancer treatments and cost more than $5,500 a month.

With insurers and providers beginning to weigh value when making care decisions, oncologists at the meeting plan to discuss a range of factors included in the value of cancer drugs. “ASCO is trying to anticipate some of the changes and move our dialogue to being one about value,” said Dr. Lowell Schnipper, chief of Beth Israel Deaconess Medical Center's division of hematology and oncology.

Earlier this year, ASCO launched an initiative to evaluate the clinical benefit, toxicity and costs associated with oncology therapies. In the fall, the organization plans to release drafts of comparison tools designed to help providers make better decisions about when to prescribe certain cancer drugs.

Lowell and five other executives will participate in an educational session discussing stakeholder perspectives on value in cancer care on May 30, the first day of the meeting.

Follow Jaimy Lee on Twitter: @MHjlee