One percent reduction in cancer mortality would be worth nearly $500 billion

Even a modest one percent reduction in mortality from cancer would be worth nearly $500 billion in social value, according to a new study by economists Kevin Murphy and Robert Topel of the University of Chicago Graduate School of Business.

Finding a cure for cancer would be worth about $50 trillion, according to the study presented today (Tuesday, April 4) at the annual conference of the American Association for Cancer Research in Washington, DC.

Social value of improved health and longevity is the amount in dollars that additional life years or other health improvements are worth to people, the report said. The value of improved longevity is based on what individuals gain from the enjoyment of consumption and time during an additional year of life, rather than how much they earn.

"Since the benefits of cancer research are large, substantially greater research expenditures would be worthwhile," Murphy and Topel wrote. "A war on cancer that would spend an additional $100 billion on research and treatment may be worthwhile even if it had a one-in-five chance of reducing mortality by just one percent," they said.

During the 20th century, average life expectancy of Americans increased by 30 years, due in large part to medical advances against major diseases, according to the new study by Murphy and Topel titled "The Value of Health and Longevity," to be published in the Journal of Political Economy.

The authors estimate that this increase in life expectancy is worth more than $1.2 million for each American alive today.

From 1970 to 2000, gains in life expectancy added about $3.2 trillion per year to national wealth, the study found.

Increased spending on medical research and cost containment are complementary goals, the report said. "If there is effective cost-containment via cost-effective research spending, then the value of research rises dramatically."

"Ideally, enhanced research funding would be

Contact: William Harms
University of Chicago

Page: 1 2

Related medicine news :

1. Stomach cancer rate set to fall further 25 percent over next decade
2. Sleep apnea increases risk of heart attack or death by 30 percent
3. Childhood immunization against pneumonia cuts hospital admissions by almost 40 percent
4. Hospital errors rise 3 percent -- HealthGrades patient-safety study
5. Chronic pain up almost 40 percent among US workers in past decade
6. Annual study finds top hospitals have 28 percent lower mortality rate
7. 100 percent juices found as beneficial to health as fruits and vegetables
8. UGA study finds that caffeine cuts post-workout pain by nearly 50 percent
9. Pakistani women 30 percent more likely to be blind than men
10. Mets have 60 percent chance of winning league championship series, says Bukiet at NJIT
11. Study calls for 39 percent more family physicians

Post Your Comments:

(Date:6/24/2016)... Michigan (PRWEB) , ... June 24, 2016 , ... June ... about the dangers associated with chronic pain and the benefits of holistic treatments, ... individuals who are suffering with Sickle Cell Disease. , Sickle Cell Disease (SCD) is ...
(Date:6/24/2016)... ... 2016 , ... Global law firm Greenberg Traurig, P.A. announced that 20 Florida ... their peers for this recognition are considered among the top 2 percent of lawyers ... as members of this year’s Legal Elite Hall of Fame: Miami Shareholders Mark ...
(Date:6/24/2016)... ... , ... Topical BioMedics, Inc, makers of Topricin and MyPainAway Pain Relief Products, join The ‘Business ... to $12 an hour by 2020 and then adjusting it yearly to increase at the ... minimum wage, assure the wage floor does not erode again, and make future increases more ...
(Date:6/24/2016)... ... June 24, 2016 , ... ... proud to recognize Dr. Barry M. Weintraub as a prominent plastic surgeon and ... women in the world, and the most handsome men, look naturally attractive. Plastic ...
(Date:6/24/2016)... (PRWEB) , ... June 24, 2016 , ... National recruitment ... a life sciences executive with extensive sequencing and genomics experience, as Vice President of ... position, Ms. Hill will be responsible for leading the sales team in the commercialization ...
Breaking Medicine News(10 mins):
(Date:6/24/2016)... , June 24, 2016 VolitionRx ... of Dr. Edward Futcher to the ... effective June 23, 2016.Dr. Futcher was also appointed ... Governance Committees.  As a non-executive member of the ... and strategic counsel to VolitionRx in connection with ...
(Date:6/23/2016)... 23, 2016 Any dentist who has made an ... current process. Many of them do not even offer this ... and high laboratory costs involved. And those who ARE able ... such a high cost that the majority of today,s patients ... Parsa Zadeh , founder of Dental Evolutions Inc. and ...
(Date:6/23/2016)... , June 23, 2016 Research and ... Devices Medical Market Analysis 2016 - Forecast to 2022" ... The report contains up to date financial data derived ... Assessment of major trends with potential impact on the market ... of market segmentation which comprises of sub markets, regional and ...
Breaking Medicine Technology:
Cached News: