Spending on cancer treatments has spiked past the $100 billion mark globally over the past five years, with almost half that amount in the U.S. alone, NBC News reported, citing a report released Thursday.
The independent QuintilesIMS Institute found that worldwide spending on cancer drugs and supportive medications — such as anti-nausea drugs and blood boosters — grew from $91 billion in 2012 to $113 billion in 2016. Patients in the U.S. accounted for 46 percent of that spending.
The extra money is largely going to pricey new targeted drugs that are adding years to some patients' lives and transforming the way certain cancers are treated, the report found.
The report predicts annual growth of between 6 percent and 9 percent through 2021, according to NBC News.