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![PHARMACEUTICAL PRICE REGULATION](http://img.images-bn.com/static/redesign/srcs/images/grey-box.png?v11.9.4)
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Paperback(Revised ed.)
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Overview
The high cost of R&D makes pharmaceuticals particularly vulnerable to aggressive price regulation. Yet even stringent price regulatory systems have failed to control drug expenditures. The challenge for public policy, the author states, is securing a balance between controlling health care spending today and preserving incentives for innovative R&D for the health of future generations.
Increasing global regulation of drug prices and expenditures already affects the efficiency of pharmaceutical R&D and of health care delivery, with important implications for patient care now and in the future. The author examines the effect of existing foreign regulation -- price controls, rate-of-return regulations, and industrial policies -- on U.S. and other multinational producers of innovative drugs. She explores the growing threat to global revenues from the regulatory use of international price comparisons and the increasing threat from parallel trade.
Product Details
ISBN-13: | 9780844739830 |
---|---|
Publisher: | American Enterprise Institute for Public Policy Research |
Publication date: | 09/01/1998 |
Edition description: | Revised ed. |
Pages: | 107 |
Product dimensions: | 5.55(w) x 8.54(h) x 0.39(d) |
Table of Contents
1 | Introduction | 1 |
2 | The Economics of Pharmaceutical Costs and Pricing | 5 |
The Cost Structure of Innovative Pharmaceuticals | 5 | |
The Economics and Politics of Drug Price Regulation | 9 | |
Optimal Pricing to Share Joint Costs | 11 | |
Summary | 13 | |
3 | Regulation of Pharmaceutical Prices and Expenditures | 15 |
The Objectives of Price Regulation | 15 | |
Forms of Price Regulation | 16 | |
4 | Effects of Regulation on Drug Prices and Expenditures | 30 |
Price Indexes | 30 | |
Growth in Drug Expenditures | 37 | |
Volume per Capita | 39 | |
Mix of Drugs | 41 | |
Conclusion | 45 | |
5 | Effects of Regulation on Innovation | 46 |
Innovation Strategies of the Pharmaceutical Firm | 47 | |
Revenue Effects of Regulation | 49 | |
Effects of Regulation on the Cost of Capital | 56 | |
Effects on Domestic and Foreign Firms | 56 | |
Empirical Evidence | 58 | |
Conclusions | 63 | |
6 | Effects of Regulation on Productivity | 65 |
Incentive Effects of Biased Regulation | 66 | |
Data and Empirical Methods | 68 | |
Empirical Results | 69 | |
Conclusions | 80 | |
7 | Cross-national Multiplier Effects of Regulation | 84 |
Welfare Implications of Parallel Trade | 85 | |
Policy Options | 89 | |
8 | Conclusions | 92 |
References | 99 | |
Index | 103 | |
About the Author | ||
Tables | ||
2-1 | The Cost Structure of Pharmaceuticals: Discounted Present Value at Launch | 6 |
4-1 | Price Indexes in Selected Countries, Relative to the United States, 1992 | 31 |
4-2 | Growth in Real per Capita Expenditures on Pharmaceuticals in Selected Countries, 1970-1990 | 38 |
4-3 | Drug Volume per Capita in Selected Countries, 1981-1990 | 40 |
4-4 | Markets for Single-Molecule Cardiovascular Products (Outpatient Pharmacy) in Selected Countries, 1992 | 43 |
5-1 | R&D Share of Sales in Selected Countries, Relative to the United States, 1981-1991 | 61 |
6-1 | Growth in Number of Employees in Selected Countries, 1975-1990 | 70 |
6-2 | Value Added per Employee in Selected Countries, Relative to the United States, 1970-1990 | 72 |
6-3 | Value Added per Employee in Selected Countries, Relative to the United States, 1981-1990 | 73 |
6-4 | Growth in Gross Fixed Capital Formation in Selected Countries, 1975-1990 | 74 |
6-5 | Growth in Gross Fixed Capital Formation per Employee in Selected Countries, 1975-1990 | 75 |
6-6 | Labor Compensation per Employee in Selected Countries, Relative to the United States, 1970-1990 | 77 |
6-7 | Hypothetical Ex Post Return to Physical Capital, Assuming No Intangible Capital, 1976-1990 | 79 |
Figures | ||
4-1 | Price per Standard Unit in Selected Countries, Relative to the United States | 35 |
5-1 | Growth in Real R&D Expenditures in Selected Countries, 1981-1991 | 59 |
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