Licensure requirements give physicians a monopoly privilege to practice medicine. As such, they have certain responsibilities and obligations. True False
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- In some countries, such as Canada and UK, direct-to-consumer (DTC) advertising for pharmaceutical products is illegal or tightly controlled. Which of the following is NOT a reason why DTC is tightly controlled? Question 7 options: Asymmetric information: consumers are not in a good position to determine if a drug is what they need. DTC makes patients aware of new remedies. DTC can put a strain on doctor-patient relationship when patients demand some drugs that are not necessary or not the best options. DTC have the potential to drive up spending on drugs and exacerbate moral hazard.The Stark laws (1989 and 1993) ban physicians from referring patients to facilities in which the physician has a financial interest, such as a specialty hospital, radiation lab, or clinical lab. The Stark laws address: the problem of adverse selection. the high standards imposed on the agency relationship between physician and patient. moral hazard on the part of doctors. induced demand by physicians. unethical behavior by patients.Have Government regulators responded to the apparent change in the effects of concentration on hospital markets and now tend to see competition as beneficial? True or False
- Oculus and Maxygen are small drug companies. Oculus has obtained a patent on a new antibiotic that is effective against an emerging superbug—a bacteria that is resistant to traditional antibiotics. Unfortunately, the Oculus drug has severe side effects, making the drug unsuitable except for patients who are desperate. Ownership of this drug is worth $20 million to Oculus under the current situation. Maxygen has a patent on another drug that is of no therapeutic value in itself so the drug generates no current income for Maxygen. However, when combined in a particular way with the Oculus drug, it dramatically reduces the negative side effects. The value of the two drugs together is estimated at $55 million. Maxygen is negotiating to sell its patent to Oculus. Situations of this type are fairly common in the drug business and sales of patent rights are common. However, sometimes negotiations over such sales take a long time and sometimes negotiations are unsuccessful. Why…As it applies to insurance, the moral hazard problem is the tendency for: those most likely to collect on insurance to buy it. those who buy insurance to take less precaution in avoiding the insured risk. sellers to price discriminate. sellers to restrict output and charge high prices.Perdict how fast the pharmaceutical industry will respond to a common health problem verses an extremely rare disease.
- Imperfect competition and moral hazard. Some economists have argued that moral hazard and monopolistic health care markets are two socially inefficient problems that partially cancel each other out. Relative to the optimal level of health care Q∗, how much health care is provided in the presence of moral hazard? Assume perfectly competitive health care markets. Relative to the optimal level of health care Q∗, how much health care is provided in the presence of monopolistic health care markets? Assume no moral hazard. Write a one-sentence defense of the argument that moral hazard and imperfectly competitive health care markets could combine to provide a good level of health care provision Q.The health care industry encompasses the following sectors, except: A. Dental careB. Health clubsC. Nonprescription drugsD. Nursing homesDiscuss indications for business innovations according to Peter Drucker and further elucidate how these can be shielded from business kleptoparasites.
- Question The Orphan Drug Act provides special patent protection and financial support from the state government for drugs designed to treat patients with diseases or conditions that effect 200,000 people or less. True FalseIt has been argued that medical practitioners have the ability to generate demand for their own services. What is the theory behind this hypothesis? What assumption of the perfectly competitive model must be violated? What is the empirical evidence used to support the theory of physician-induced demand?All of the following are true, except a. Some consumers may infer high quality from high price b. Low prices can indicate lower quality given that no other information is available c. Promotional campaigns do not affect consumer’s perception on quality d. It makes more sense to raise price when advertising makes demand less elastic
