Getitall, the CEO of Gooddrug LLC claimed that in the US, drug companies should receive a patent of 100 years for each drug they develop. this allows them a prolonged Illegal monopoly on the sale of that drug, provide better incentives to innovate and help consumer pay stable prices. Jane, the FDA consultant strongly disagree with that statement. Give reasons related to consumers, patients, and the market to support Jane's claim

Getitall, the CEO of Gooddrug LLC claimed that in the US, drug companies should receive a patent of 100 years for each drug they develop. this allows them a prolonged Illegal monopoly on the sale of that drug, provide better incentives to innovate and help consumer pay stable prices. Jane, the FDA consultant strongly disagree with that statement. Give reasons related to consumers, patients, and the market to support Jane's claim

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Indicate whether each statement is true or false, and justify your answer.Both ICERs and ACERs compare two drugs on the basis of both cost and medical efficacy.
How did you get step 2? I am confused on how you went from dQ/dE= 6*1/2*E-1/2 to VMP=6*6*1/2*E-1/2
courses/137060/quizzes/485278/take/questions/12956039 Dashboard Customer Portal - R... Dashboard | Labcor... Clinician SimonMed FLORIDA STA... Question 3 20 pts Which of the following makes best use of a signal phrase and parenthetical citation? O Hira Bhagtani writes, "The initial results of the new medication are positive" (637). O On page 637 it says, "The initial results of the new medication are positive" (Bhagtani). O The author states, "The initial results of the new medication are positive" (637). OHira Bhagtani states, "The initial results of the new medication are positive" (Bhagtani 637). • Previous Q Search Ca Next ▸ 25
Which two phenomena relate to physicians overprescribing treatment? Select 2 correct answer(s) defensive medicine Efficient discrimination physician induced demand
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.
The Bismarck Model in Germany controls costs by allowing private insurers to negotiate competitive rates with private physicians. True False
According to Finkelstein et al. (2003), approximately what portion of national medical spending is directed toward the treatment of conditions attributed to obesity? A. One-eighth B. One-sixth C. One-quarter D. One-third E. One-half
Should the FDA consider economic factors in new drug approvals?
While it may seem intuitively obvious that health expenditures will increase as a population age – older people, after all, are less healthy on average than younger people – in fact, several prominent health economists have argued that it is not ageing per se, but rather some of the correlates of an ageing population that cause health expenditures to rise as population ages. For instance, Getzen (1992) argues that, at least in part, rising health expenditures with an ageing population are due to the higher incomes and resources of the older population; health care is a normal good, so higher incomes lead to higher expenditures. In a similar manner, Zweifel et al. (1999) argue that the real problem with an ageing population, at least as far as health care costs are concerned, is that there will be more people who are within a couple of years of dying. Since health care expenditures rise sharply close to the end of life, it is this, rather than population ageing by itself, that leads to…
Indicate whether the statement is true or false, and justify your answer.Barriers to care erected by managed care organizations, such as requiring patients to visit gatekeeper physicians prior to seeking specialist care, can increase consumer welfare.
The idea that hospital competition has led to a “medical arms race” can help explain why the U.S. has more than twice the OECD average number of MRI machines per 1,000,000 population. True False
Discuss any three ways in which inequities may manifest in the health care sector in Caribbean countries.