Gregory Bull / AP

The cost to develop a cancer drug may be significantly lower than what some companies claim, according to a new study published in JAMA Internal Medicine.

  • The study found the median cost to develop a cancer drug is $648 million — much lower than the commonly cited $2 billion figure, which originated from a Tufts Center for the Study of Drug Development report that used private datasets.
  • Drug companies justify high prices for new drugs by citing high research and development costs. But in this study of 10 cancer drugs developed by biotech companies and approved between 2006 and 2015, some of the companies made more than 10 times as much as they spent on research and development.
  • Limitations: Business Insider points out that the study didn't look at larger pharmaceutical companies, which may invest differently in R&D, and exclusively analyzed cancer drugs that may carry different costs — and revenues — compared to other fields.

Go deeper: Putting a price on new cancer treatments

Go deeper

47 mins ago - World

Jeremy Corbyn suspended by U.K. Labour Party over anti-Semitism report

Photo: Christopher Furlong/Getty Images

The U.K. Labour Party has suspended its former leader, Jeremy Corbyn, after a watchdog report found that the party failed to properly take action against allegations of anti-Semitism during his time in charge.

Why it matters: It represents a strong break by Keir Starmer, Labour's current leader, from the Corbyn era and one of the party's most persistent scandals.

U.S. economy sees record growth in third quarter

The U.S. economy grew at a 33.1% annualized pace in the third quarter, the Commerce Department said on Thursday.

The state of play: The record growth follows easing of the coronavirus-driven lockdowns that pushed the economy to the worst-ever contraction — but GDP still remains well below its pre-pandemic level.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Large coronavirus outbreaks leading to high death rates — Coronavirus cases are at an all-time high ahead of Election Day — Fauci says U.S. may not return to normal until 2022
  2. Politics: Space Force's No. 2 general tests positive for coronavirus
  3. World: Taiwan reaches a record 200 days with no local coronavirus cases
  4. Europe faces "stronger and deadlier" wave France imposes lockdown Germany to close bars and restaurants for a month.
  5. Sports: Boston Marathon delayed MLB to investigate Dodgers player who joined celebration after positive COVID test.