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- When the FDA lifted restrictions of TV advertisements for prescription medication in 1997, How has the regulatory affected the market for pharmacuticals?Should price controls be imposed on life-saving drugs? Will consumers benefit or be harmed by this type of regulation?how did cannabis legalization affect market demand?
- What are some ways drug use has changed from early times to modern times ? What are some predictors of increased or decreased drug use in society ?Why does the US government feel that the use of illicit drugs such as cocaine and opium (morphine) should be controlled?Should the FDA consider economic factors in new drug approvals?
- Should there be one $/QALY for an entire country? How would you expect drug companies to react to price limits set by public programs?In most countries, government policy to eliminate narcotic problem is to catch narcotic producers/sellers, i.e. reducing supply. Why might the policy turn out to make narcotic producers better off (financially)? What should be a better policy to eliminate the narcotic problem?In the United States, most hospitals are non-profit, while nearly all pharmaceutical companies are for profit. Can you offer an explanation based on the consumer shopping problem?
- What public policy approach would be most reasonable to protect consumers from harmful products? How might market and economic forces play a role in protecting consumers?3.4. EZjoint. After spending 10 years and $1.5 billion, you have finally gotten Food and Drug Administration (FDA) approval to sell your new patented wonder drug, which reduces the aches and pains associated with aging joints. You will market this drug under the brand name of EZjoint. Market research indicates that the demand elasticity for EZjoint is 21.25 (at all points on the demand curve). You estimate the marginal cost of manufacturing and selling one more dose of EZjoint is $1. (a) What is the profit-maximizing price per dose of EZjoint? (b) WouldyouexpecttheelasticityofdemandyoufaceforEZjointtoriseorfall when your patent expires? Suppose that, after patent expiry, a generic version of EZjoint was introduced in the market (under the chemical name clorophospartane). Reacting to entry, EZjoint decided to increase price. (c) Can this behavior be consistent with rational profit maximizing? (Cabral, 20170224)which pure strategies are ratioinalizable?
