Yes, you're missing a lot. Your response is basically science fiction. Take a look at these statistics [1] showing cancer mortality rates over the last few decades and you'll see that we are not, in fact, making rapid advances on treating cancer. Far from it. And I don't even know how to respond to your nanomachines comment. I'm a biochemist who's studied cancer for years, and I can't even begin to imagine how a nanomachine could be of value for treating cancer.
[1] http://www.cancer.gov/statistics/find