Papers > English > Price Controls on Pharmaceutical drugs
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Price Controls on Pharmaceutical drugs
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Price control for drugs is a major issue that most modern governments have to deal with. ... As Clarence Walton observed, “no other area of managerial activity is more difficult to depict accurately, assess fairly, and prescribe realistically in terms of morality than the domain of price (14).” One of the most controversial topics is the monopoly power of pharmaceutical firms with patented drugs. In this essay, I will discuss and provide facts about the free market in relation to the price of pharmaceutical drugs and in response, offer options in order to find the most productive system. Based on systems practiced in Europe, International price regulations has been the most beneficial. ... This compares with market prices for the brand-name drugs at US$10. ... When a drug company sells the same product in other countries, it adopts a policy of price differentiation, setting price levels according to what the market can bear. ... Since doctors do display low price sensitivities, each firm will still face an incentive to raise its prices closer to the monopoly price for on-patent drugs. The resultant outcome could be significantly higher drug prices (as occurs in the US), which given a fixed budget, would require swinging cuts in the levels of pharmaceutical prescription. ... In general, the more beneficial the drug is, the higher the price.
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Paper Information
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Title: Price Controls on Pharmaceutical drugs
Words: 1075
Rating: None
Pages: 4.3
submitted by: ecuguy7
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