OBJECTIVES: To assess whether the availability of novel cancer therapies is associated with a reduction in mortality from cancer. METHODS: We use data on incidence and mortality for specific cancer sites in 10 European countries and the United States to examine the relationship between mortality and the availability of novel cancer drugs in each country. We use ordinary least squares regression with a large number of control variables and fixed effects, as well as instrumental variables estimation to address the potential endogeneity of the timing of new treatment launches across countries. RESULTS: On average, an additional drug approved to treat a site-specific cancer is associated with a decline in mortality of 2-3%. The gains vary across countries and cancer sites. CONCLUSIONS: The availability of novel cancer therapies can be linked to reductions in site-specific mortality across countries. Differences between countries may be useful in identifying effective policies, such as those associated with recommended treatment guidelines and health technology assessments.