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Are Pharmaceutical price-takersor price-setters?
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- Why does taking a drug off a formulary increase the prices to the consumer?Considering Healthcare price elasticity, would it be a good idea to implement a price increase on medical products?13 2013200 P0004 Suppose that a new drug (A) has been approved to treat a life-threatening disease. The demand for that drug is shown on the accompanying graph by demand curve A Prior to approval of this drug, the only treatment for this condition was any one of several nonprescription, or over the counter, pain relievers. The demand for one brand of the several nonprescription pain relievers is also shown on the graph as demand curve B. Price 75 70 65 % 100 200 300 400 500 Quarsity At a price of $15 (the price at which the two demand curves intersect), the price elasticity of demand for the new drug is for the over-the-counter pain rellever the price elasticity of demand
- Discuss the kind of pressure the Health Maintenance Organizations (HMO) exerted on the price of drugs.Should the FDA consider economic factors in new drug approvals?Estimates of price elasticity typically range between -0.1 and -.75 with hospital services at the lower end and elective services at the upper end. What do these estimates mean?
- Demand studies in health care have provided estimates of both income and price elasticity. Estimates of income elasticity are usually above +1.0 and estimates of price elasticity typically range between −0.1 and −0.75 (with hospital services at the lower end and elective services at the upper end). What is the significance of these estimates to policy makers?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 ?Where is the bargaining power of consumers greater? 1) The auto industry 2) Pharmaceuticals explain your choice.
- Demand for medical services is price inelastic (Absolute value of price elasticity of demand is less than 1 and greater than zero). Medical services are different from most other goods and services in that the person who determines the demand (the patient) is not the person who makes the payment (payment is made by the insurance company). How does this affect the price elasticity of demand for medical services (increase it or decrease it)? You may assume that this question only refers to people who have health insurance. Ignore co-payments and deductibles and any other out-of-pocket expenses. Please give an explanation.A medical reported that the consumption of this product has many health benefits Describe how does this would affect the market for the product.What does price elasticity of demand mean for insurance companies and medical providers for making a decision?