Cancer ranks among one of the top causes of death globally and data show that the number is still expected to increase.

The National Cancer Institute stated in 2012 there were 14.1 million new cases of cancer and 8.2 million cases of cancer-related deaths. The institute also noted that 57 percent of new cancers cases in 2012 occurred in less developed regions, despite those regions accounting for 65 percent of deaths.

By 2030, the institute expects the number of new cancer cases to rise up to 23.6 million. The growing number of cases is concerning for many, which has prompted a plethora of biotechnology companies to enter into the marketplace. Industry players are developing new therapies and drugs to treat cancer more effectively, while the most common cancer therapies remain immunotherapy, chemotherapy, radiation therapy, and targeted therapy.

According to data compiled by Allied Market Research, the global cancer therapeutics market was valued at USD 81.29 Billion in 2016 and is estimated to reach USD 178.86 Billion. Furthermore, the market is projected to register a healthy CAGR of 11.9 percent during the forecast period from 2017 to 2023.

Recently, the industry has seen a large influx of pharmaceutical companies diving into the industry. And in combination with the acceleration of cancer research, the cancer therapeutics market is expected to witness significant growth. Moreover, the growth in the geriatric population is also expected to bolster the market.

However, the biggest concern within the industry is still the increasing prices of therapies. Despite these burgeoning costs, certain players are aiming to reduce costs while promoting efficiency, and hopefully, develop a cure.

“When I began my career as an oncologist more than 35 years ago, I could not have imagined where we would be today. Cutting-edge, sophisticated technology is allowing doctors to prevent or detect cancer earlier, target treatments more effectively and avoid unnecessary side effects,” said Daniel F. Hayes, M.D., Professor of Internal Medicine, the Stuart B. Padnos Professor in Breast Cancer, and the Clinical Director of the Breast Oncology Program at the University of Michigan Comprehensive Cancer Center. “These treatment advances are enhanced by expansion of health information technology platforms, new approaches to cancer prevention and screening and a greater emphasis on doctor and patient relationships. Advances in cancer care and treatment over the past 40 years have led to stunning gains. The future of cancer care is here — but we are just getting started.”

SourcingLink.net, Inc. (OTC: SNET) announced earlier last week that it, “signed a Letter of Intent to collaborate with NanoSmart Pharmaceuticals, Inc., a California-based company developing novel drug formulations to treat cancer. The collaboration includes co-development and an exclusive, world-wide license for specific formulations to treat cancer utilizing NanoSmart’s proprietary ‘targeted’ drug delivery system that is designed to enhance delivery of drugs to a wide variety of cancer tumors.

SourcingLink.net is excited about the collaboration opportunity because new or already-approved chemotherapy drugs can be reformulated with greater efficacy and safety for treating cancer patients. The company believes that the reformulated drugs, subject to approval by the FDA and/or regional regulatory bodies, may be used as a monotherapy, or as a ‘combo-therapy’ with SNET’s autologous cellular immuno-therapy approach, or with other therapies such as immune check point inhibitors. SNET expects to enter into a full exclusive ‘world-wide’ licensing and co-development agreement with NanoSmart under the terms of the Letter of Intent signed on February 25th, 2019.

The use of NanoSmart’s enhanced drug delivery platform combined with pharmacogenomics and liquid biopsy for personalizing the therapy should augment cancer drug effectiveness and safety, and improve treatment monitoring, according to the company. Currently, SNET is focused on developing its ‘core’ autologous extracorporeal immuno-therapy device for a durable response.