Navigating the rapidly changing oncology treatment landscape: how digital tools can help
May 2, 2024 | Access, clinical trials, digital health, digital tools, oncology, patient insight-gathering, reimbursement
With rapid growth comes growing pains…
The field of oncology is rapidly growing and evolving. In 2022, global spending on cancer medicines was approximately 196 billion USD, and this number is forecasted to reach $375 billion by 2027. In fact, for the past five years, the number of treated patients with cancer has seen an average annual increase of 5% globally (1). However, with rapid growth comes growing pains.
Specific challenges facing the oncology field
1. Increased competition and evolving standard of care
New competitors are entering the market at a rapid pace, and competition is intensifying. There are currently more than 2,000 oncology products under development. Emerging biopharma companies are responsible for over 70% of these products (up 20 percentage points from 2017) while Big Pharma has seen a declining share of the oncology pipeline, at only around 20% of products currently under development (down 15 percentage points from 2017). This competitive intensity tends to focus on smaller patient populations with multiple treatment options.
With a larger number of treatable patients, improving survival rates, more clinical trials, and increased focus on real-world evidence, the definition of ‘standard of care’ is continuously changing. As a result, treatment algorithms are becoming more complex, leading to variable uptake and use of new treatments across regions, clinics, and prescribers.
Further, the time advantage traditionally afforded to new cancer therapies has been substantially reduced due to advances in our understanding of the underlying tumor biology and the emergence of novel treatment modalities. Occasionally, the advantage disappears well before the period of exclusivity ends (2)…
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