Op-ed: The financial toxicity of cancer is growing. Here's what can be done to reduce it

Cancer drains individuals of their physical, emotional, and financial health. Given the impact on both patients and the people in their lives — including their employer — it's time that CEOs take note and take action to reduce the burden of cancer.

In a study from the American Cancer Society Cancer Action Network, nearly half of cancer patients and survivors reported being extraordinarily burdened by medical debt. Many respondents carried a negative balance of at least $5,000 from their cancer treatment for more than one year, and 42% of people with cancer deplete their life savings within the first two years after diagnosis.

Financial hardship caused by cancer can also contribute to "financial toxicity," wherein the cost of treatment forces individuals to make tradeoffs that impact their chances of survival. These may include non-biologic factors such as skipping or halving cancer medications to stretch their supply, or being unable to complete cancer care as planned due to the high costs of transportation to or housing near cancer treatment centers. This model isn't sustainable, and rising costs of new, life-saving cancer therapies will impose additional financial toxicities — and an increasingly large threat to patients' lives.

Not only does financial toxicity of cancer care affect the individual, it can also negatively impact their employer. As the providers of health insurance coverage for nearly half the country, employers and unions shoulder much of cancer's financial burden. Today, cancer is the leading health-care cost for mid- and large-sized organizations in the U.S., and the burden is growing.

For the first time in history, more than 2 million Americans will receive a new cancer diagnosis in 2024. While