(Fortune, 2002, p. 16). Competition Barriers to Entry Regulation.
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Transcript of (Fortune, 2002, p. 16). Competition Barriers to Entry Regulation.
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(Fortune, 2002, p. 16).
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Competition Barriers to Entry Regulation
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Human Health =Variable of Health (Medical Care +
Medications)
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Costs associated with Research and Discovery Manufacturing Marketing
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Degrees of Pricing1. Charging consumers the maximum priceExample: Providing a new drug that individuals desire like an
AIDS medication at an unreasonable rate.
2. Charging different price depending on the quantity consumedExample: Wal-Mart purchasing a large quantity of drug X and passing on the savings to consumers compared to the local pharmacy purchasing small quantities and not receiving a savings.
3. Charging different prices for different groups of peopleExample: Markets, or groups of buyers with a more inelastic demand will pay higher prices.
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Copayments Generic Substitutes Drug Formularies
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• Ask doctors for 90 day supply instead of 30 days• If low income- see if hospitals and pharmacies will waive co-
pays• Charity care• Pharmacy assistance programs• Extra help Program
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Provide Pharmacies incentives for dispensing generic drugs Have insurances mail coupons to consumers to waive their
co-payment if they opt for generic instead of brand name Have physicians distribute samples of generic drug samples Vouchers for free prescriptions to try generic products
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Formulary Committees developing a list of approved drugs for:
Clinical Effectiveness Safety Cost
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Medicine Equity and Drug Safety Act Medicare Prescription Drug Improvement and Modernization
Act Reimportation Splitting pills Generic substitutes
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Enforce already existing legislation
Enact new legislation
Price Regulation
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Structure and Regulation Drug Prices Monopoly Price Discrimination Cost Containment Drug Formularies Solutions and Implementation
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DiMasi, J., Hansen, R., & Grabowski, H. (2003). The price of innovation: new estimates of drug development
cost. Journal of Health Economics, 10( 1),107-142. Retrieved from EBSCOhost.
Fortune. (2002). Largest U.S. firms and Largest Pharmaceutical firms ranked by market value . Retrieved from
http://money.cnn.com/search/index.html?sortBy=date&primaryType=mixed&source=fort&query=larges
Getzen, T. E., & Allen, B. H. (2007). Health care economics. Hoboken, NJ: John Wiley & Sons.
Hansen, R. (1996). Cost and benefit analysis in pharmaceutical promotion and untilization decisions. Journal of
Health Economics, 13(1), 322-336. Retrieved from EBSCOhost.
Kumar,S. (2010). Drug Prices-USA Perspective. Retrieved from http://www pharmainfo.net
Levit, K., Smith, C., Cowan, C., Lazenby, H., & Martin, A. (2002). Inflation spurs health spending in 2000. Health
Affairs, 21(1), 172-182. Retrieved from EBSCOhost.
Mather, B. (1999). Incorporating clinical outcomes and economic consequences into drug formulary decisions: a
practical approach. American Journal of Managed Care. Retrieved from EBSCOhost.
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Ma, J. (n.d.). Lowering Prescription Drug Prices in the United States: Are Reimportation and Internet Pharmacies the Answer? Retrieved from http://www-bcf.usc.edu/~idjlaw/PDF/15-2/15-2%20Ma.pdf
Watson, T. (August 8, 2003). Strategies for Maximizing Generic Opportunities in Payer Populations. Retrieved from http://findarticles.com/p/articles/mi_m0ONKV/is_9_4/ai_106566970