This is an equally eye-roll inducing over-generalization. Death is a profound topic to many people - the contemporary considerations of immortality may bring what you see as the superficiality of death, to light, for others. That's nothing to snub your nose at. While some may actually take immortality literally, for many people it is better thought of as a metaphor.
http://www.who.int/mediacentre/factsheets/fs297/en/
627,000 malaria related deaths in 2012:
http://www.who.int/gho/malaria/epidemic/deaths/en/
Lack of potable water is a harder one to pin down for things other than childhood mortality, but probably in the low millions per year:
http://www.cdc.gov/healthywater/global/wash_statistics.html
Further, cancer research is far from being in the realm of diminishing returns. The next generation of targeted treatments such as immunotherapies, chimeric antigen related approaches, engineered viruses, etc, that work for many different varieties of cancer will be far more effective than today's staples of chemotherapy and radiation therapy.
The fact is, people just aren't that inclined to give a damn about some kids wallowing in a third-world country as they are their dying grandmother, father, or child. There is nothing wrong with that. Human suffering is human suffering.
Also, disagree that cancer research is "well into the realm of diminishing returns". Seems quite fruitful to me.
I mean, I believe near everyone you can find to ask is generally in favor of cancer research. That's absolutely about preventing all of the above.
But the prospect of treating the medical condition we call aging and removing its consequences? Suddenly everyone is a poet, inclined to the morbid.