One Generic Cancer Drug Costs $35. Or $134. Or $13,000

Hundreds of hospitals across the US are marking up old cancer treatments — in some cases hundreds of times what Medicare pays. Health spending in the US now tops $5 trillion a year with families and companies facing their steepest insurance premium hikes in years. Politicians often blame pharmaceutical companies, insurers, wasteful procedures and a bloated system too tangled to tame. But beneath those familiar explanations lies a lesser known phenomenon. In the opaque world of hospital pricing, medical systems across the country are able to turn routine, decades-old cancer drugs into money-makers, marking up cheap chemotherapy drugs as if they’re pricey new treatments. John Tozzi, Bloomberg Health Care Reporter joins to discuss. (Source: Bloomberg)