What is the value of a few months of life? This controversial question illustrate the challenging choice one must make in determining whether or not incurring debt to pay for expensive cancer drugs.
In economics terms: is the cost (as high as $25,000 per month) and marginal benefit (drugs extend the life of most for a few months) of cancer drugs worth it?
Cancer Drugs
In economics, it is the cost and benefit of a particular action which determines whether that action should be taken or not. For instance, usually if the cost of an economic activity exceeds the benefit or profit which that economic activity will generate, then such economic activity does not take place. Thus, the cost and benefit analysis allow decision-makers to take rational decisions. However, it is also a fact that some actions do not generate benefit or profit immediately (in the short run), but rather they take time to produce the desired results. Therefore, short, and long-term implications/outcomes, of an action, must be considered (The Economist).
Cancer treatment is expensive, which requires massive allocation of financial resources. If cancer is in its later stage, it is almost impossible to treat it. Expensive medicine/treatment can only promise a few months, which is why cancer treatment of patients, whose cancer is in the last stage, is a controversial subject; especially when the state is funding the cancer treatment (Howley).
If an individual is funding his/her treatment, then the subject becomes less controversial. However, when a state is funding cancer treatment of an individual, then it is a serious issue, as these financial resources can be allocated for those cancer patients, who have a better chance of survival (cancer is in the initial stages). It is also imperative to acknowledge that when an individual spends enormous sums of money on the treatment of cancer, a portion of it goes to a Research and Development institution/sector. The more funds available for research on cancer, the more efficient the cancer treatment gets (medicine and treatment become precise and inexpensive). The availability of financial resources for research has made cancer a curable disease. Therefore, the cost of treatment of late-stage cancer is not an issue in the long-run; however, in the short-run, it is a controversial subject; especially when the government is funding the treatment.
Work Cited
Howley, Elaine K. “Why Is Cancer Treatment So Expensive? “US News. US News, 20 June 2018. Web. 30 August 2018. https://health.usnews.com/health-care/patient-advice/articles/2018-06-20/why-is-cancer-treatment-so-expensive.
The Economist. “Idea Cost-benefit analysis.” The Economist. The Economist, 15 September 2009. Web. 30 August 2018. https://www.economist.com/news/2009/09/15/cost-benefit-analysis.
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