Forget Rent: The Cost of These 5 New Drugs Is Too Damn High
Disclaimer: The following list was composed using the FDA’s list of drugs approved in 2013 and 2014 (so far.) We were only able to rate the drugs we currently have pricing data for, meaning many of 2014′s approvals aren’t yet included. Most of those drugs have either not made it onto the market yet or are still very new to the market and not commonly used.
With global spending on medicines expected to reach $1 trillion by the end of 2014 and exceed $1.17 trillion by 2017, it makes sense that medication costs are on a lot of Americans’ minds these days. It’s not just American consumers who are worried: just last year, a group of oncology physicians released a report describing the unacceptably high cost of cancer medicines. According to the report published by the Washington Post, in the last decade the average cost of a brand name cancer drug doubled from about $5,000 a month to about $10,000 per month in 2013. Meanwhile, drug manufacturers argue that the astronomical cost of research and development, particularly given that not all investigational drugs are successful, justifies the extreme cost of their medicines.
Regardless of what you believe, several reports have noted that cancer drugs, particularly immunotherapies, are one of the biggest areas of drug research and development today, along with a variety of different specialty medicines. Cancer drugs and specialty medicines almost exclusively comprise our top 10 list, with the exception of anti-infectives like Gilead Sciences’ Inc. (NYSE:GILD) much talked about Sovaldi, a groundbreaking hepatitis C cure that was approved last year.
There’s been a lot of outcry recently regarding the astounding price of Sovaldi, a combination therapy taken orally for the treatment of hepatitis C; and while the drug, which costs $1,000 a pill or approximately $84,000 for a full course of treatment, may seem bank-breaking, it doesn’t actually come close to the most expensive drug on our list. Click through to see our top five picks.