Cancer Drug Spending to Exceed $400 Billion by 2028

Global spending on cancer medicines reached an estimated $252 billion in 2024 and is projected to surpass $400 billion by 2028, according to the IQVIA Institute. The United States accounts for approximately 46% of this total expenditure. The introduction of new treatments has accelerated, with about 150 new active substances entering the U.S. oncology market between 2015 and 2024.

Recent regulatory approvals and clinical trial results highlight this trend. In late August, the U.S. Food and Drug Administration (FDA) approved the first broad RAS-targeted therapy for metastatic pancreatic cancer. In the first two weeks of October, new first-line treatments were approved for blood cancer and breast cancer, alongside a combination therapy for stage III colon cancer.

Gastrointestinal cancers, including colorectal and pancreatic cancers, are receiving increased attention. RAS mutations drive many of these tumors and have historically been challenging to target. Research efforts are focusing on RAS inhibitors, novel drug combinations, and therapies designed to enhance the immune system's response.

Further insights into these developments will be presented at the European Society for Medical Oncology (ESMO) Congress in Madrid from October 23 to 27. Several companies are expected to share updates on colorectal cancer research before the end of the year.

Oncolytics Biotech is advancing pelareorep, an immunotherapy for RAS-mutated, microsatellite-stable metastatic colorectal cancer. The company anticipates reporting interim data from its ongoing clinical study by year-end.