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- Should price controls be imposed on life-saving drugs? Will consumers benefit or be harmed by this type of regulation?What are the potential benefits of reducing the availability of illegal drugs versus reducing the demand for such substances?Identify the initial equilibrium price and quantity of the drug per day. Suppose the government imposes a price control at $1.50 a dose. How many doses are purchased after the price control is imposed?
- Should the FDA consider economic factors in new drug approvals?When the FDA lifted restrictions of TV advertisements for prescription medication in 1997, How has the regulatory affected the market for pharmacuticals?Drugs that treat a small portion of the population are called O Small drugs O Unique drugs Orphan drugs "Me-too" drugs
- Where is the bargaining power of consumers greater? 1) The auto industry 2) Pharmaceuticals explain your choice.The New York Times has stated that Mylan, the company that makes the now infamous Epipen, has become “the poster boy for out of control drug prices.” Why did this Pittsburgh-based company raise prices so much that Americans pay three times as much as Canadians for the same drug? Do you think patents are good for society?Explain how the Orphan Drug Act would affect drug development. Can you think of any TRADEOFFS from the act?
- 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?Explain how the Orphan Drug Act would affect drug development. are there any tradeoffs from the act?A medical reported that the consumption of this product has many health benefits Describe how does this would affect the market for the product.