Counting the Cost: The true value of investing in cancer treatment
This research explores the significant impact of cancer on the lives of Australians and their families, and the economic and societal benefits achieved by investing in cancer treatment to improve quality of life and prolong survival.
What the report found
Our current system of assessing the cost-effectiveness of medicines is not recognising the additional social value generated by cancer treatments.
For every $1 invested in cancer treatments, there is $3 of social and economic value created.
Over the course of five years, investment in new technologies, therapies, and services to extend the prognosis and quality of life of people with non-curative cancer can return $3.17 billion of social value/generate $2.13 billion of social value.
This ultimately demonstrates that, although investing in new therapies can have a high upfront cost, there are substantial downstream social and economic benefits in treating people with the best available technologies.
For more information, watch our explainer video below
An initiative of RCA and Canteen