University of Minnesota
University of Chicago
Peter B. Bach, Director of Memorial Sloan Kettering’s Center for Health Policy and Outcomes, is a physician, epidemiologist, researcher, and respected healthcare policy expert whose work focuses on the cost and value of anticancer drugs. Dr. Bach is leading efforts to increase understanding of the US drug development process and develop new models for drug pricing that include value to patients as a critical component. As the cost of specialty drugs continues to grow, he argues that prices are no longer rational, and a better pricing system could increase patient access to life-saving medications at lower costs while spurring innovation.
Dr. Bach’s research has found that the cost of newly approved cancer drugs has skyrocketed since the 1970s. The price for more than 30 newly approved cancer drugs grew to $10,000 a month or more from 2010 to 2014 without any clear economic justification for the pricing. Dr. Bach has also found that there has been a nearly 100-fold increase in cancer drug prices since 1965 after adjusting for inflation, and that the cost of an additional year of life from a cancer treatment increases by $8,500 each year.
In 2012, he and other physicians at MSK drew attention to the high price of a newly approved cancer drug and announced the hospital’s unprecedented move not to offer it to patients because of its high price tag with no notable improved clinical outcomes. The drug price was later cut in half by the manufacturer.