A cancer diagnosis is one of the most daunting challenges one can face, a sentiment echoed by those affected by this formidable disease. Thus, it is imperative that we take concerted action to combat cancer before it claims more lives.
This endeavour could mirror the significant national initiatives aimed at developing vaccines for polio in the 1950s and COVID-19 in 2020-21, both of which have saved millions globally. The aspiration to eradicate cancer is not merely a lofty ambition; over the past forty years, we have made remarkable strides in halving the mortality rates for various types of cancer. However, substantial work remains, particularly in the realms of pancreatic cancer, lung cancer, and childhood cancers. In the United States alone, more than 600,000 individuals succumb to cancer each year, with a global toll nearing 25 million.
There is a well-known adage that good health is the greatest wealth. When confronted with a severe illness or a limited lifespan, material possessions quickly lose their significance. Most parents would willingly forgo nearly all their material resources to prevent their child’s death.
The advantages of alleviating pain and suffering, as well as the emotional toll of losing a loved one to cancer, are immeasurable. A recent study conducted for Unleash Prosperity by Tomas Philipson and other economists at the University of Chicago highlights the substantial economic value in the United States of dramatically reducing cancer mortality.
With ongoing advancements in cancer treatments, such as gene therapies and innovative prevention strategies—including multi-cancer blood tests, improved diet and physical activity, and effective obesity management—we are well-placed to work towards a future where cancer is significantly diminished. Additionally, fostering a more coordinated approach to the development of new drugs and vaccines, alongside deregulating the approval process, could facilitate this goal.
Starting in 2030, a targeted reduction of cancer deaths by 80% could save an estimated 20 million to 30 million lives over a 35-year span. This represents more American lives saved than the total number of soldiers lost in every war throughout the nation’s history combined.
The economic implications of such an achievement would be profound, resulting in monetised enhancements in longevity, increased labour productivity, and additional fiscal revenues. The complete eradication of cancer is projected to generate approximately $186 trillion in total economic benefits over 35 years. Furthermore, reducing the death rate by 80% within 20 years could add around $130 trillion in value to the U.S. economy. When considering cancer elimination as an investment, with research and development costs of up to $800 billion, the potential internal rate of return exceeds a remarkable 500%. Few investments can match that level of return.
While it is anticipated that the private sector will spearhead this initiative through private investment, governmental support is crucial in streamlining the processes that currently delay the market entry of new treatments or diagnostics, often taking as long as a decade.
The medical, pharmaceutical, and biotech industries possess the capabilities and intellectual resources necessary to achieve these ambitious goals. However, they are likely to capture only a fraction of the societal benefits in terms of revenues and earnings. Research indicates that medical innovators typically retain only around 5% to 10% of the value generated through enhanced health outcomes for patients and society, with the remaining 90% benefitting survivors, their families, and the overall health of the U.S. economy.
Ending the cancer epidemic would represent one of the most significant and equitable policy initiatives imaginable, offering not only improved health but also enhanced living standards for individuals across the nation and around the globe.