Several factors contribute to the high cost of cancer drugs. One primary reason is the extensive research and development required to bring a new drug to market. The process involves numerous clinical trials and regulatory approvals, which can take over a decade and cost billions of dollars. Pharmaceutical companies often justify high prices by citing the need to recoup these investments.
Another factor is the monopoly pricing power that companies have once a drug is approved. With limited competition, especially for novel therapies, manufacturers can set prices at their discretion. Additionally, cancer treatments often involve complex biological products, which are inherently more expensive to produce than traditional small-molecule drugs.
