The Food and Drug Administration (FDA) is the arm of the government that implements safety in the food and medications that are sold in the U.S.. Prior to the Pure Food and Drug Act of 1906, there were little to no agencies enforcing healthy practices in those areas. Which kind of public policy is the FDA implementing? redistributive policy O common policy O regulatory policy O distributive policy
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- For each of the cases below, describe the type of entry barrier that appears to be most relevant. Which of the following describes the type of entry barrier faced for a patented blood pressure medication? OA. There is a natural entry barrier for a patented blood pressure medication because entry into the market has been limited through government action. B. There is a created entry barrier for a patented blood pressure medication because entry into the market has been limited through limited access to key natural resources. c. There is a created entry barrier for a patented blood pressure medication because entry into the market has been limited through government action. OD. There is a natural entry barrier for a patented blood pressure medication because entry into the market has been limited through price cutting. Which of the following describes the type of entry barrier faced for legal services? A. There is a created entry barrier for legal services because entry into the market…If a food product is found to be imminently hazardous, which of the following actions are not remedies that the FDA may pursue? A. Require a recall. B. Seek civil penalties. C. Seek criminal penalties. D. Force the dissolution of the offending company.What is the FDA? O Flooding Damage Association O Federal Drug Administration O Food and Drug Administration O Federal Department of Aviation If you give wrong answer then i will give you down upvote....
- List the costs and benefits of the following hypothetical policies.a. The US government offers a $5 billion prize to the first drug company that develops a cure for Alzheimer’s disease.b. The patent length for drugs to treat fatal diseases is reduced to five years, and all current patents for such drugs that are already more than five years old instantly expire.c. The European Medicines Agency announces that it will instantly approve new drug applications that have shown any promise in treating Creutzfeldt-Jakob disease (also known as mad cow disease), even if there are safety concerns or if the evidence of efficacy is not conclusive.d. The US government allows patients to write themselves prescriptions on weekends, when physicians are typically not available.When the FDA lifted restrictions of TV advertisements for prescription medication in 1997, How has the regulatory affected the market for pharmacuticals?3. Given the following table| Life expectancy 20 years 20.5 years 20.6 years 21 years 22 years 22.2 years Treatment Cost of treatment No treatment Drug A Drug B Drug C Drug D Drug E $40,000 $30,000 $50,000 $80,000 $100,000 (a) Calculate the average cost-effectiveness ratio for drug A, B, C, D, E (b) Calculate the ICER between drug B and drug C, and between drug E and drug D. (c) Draw a cost-effectiveness frontier, where Y axis represents effectiveness, X axis represents cost.
- Should the FDA consider economic factors in new drug approvals?For each of the cases below, describe the type of entry barrier that appears to be most relevant. Which of the following describes the type of entry barrier faced for a patented blood pressure medication? A. There is a natural entry barrier for a patented blood pressure medication because entry into the market has been limited through government action. B. There is a created entry barrier for a patented blood pressure medication because entry into the market has been limited through limited access to key natural resources. C. There is a created entry barrier for a patented blood pressure medication because entry into the market has been limited through government action. D. There is a natural entry barrier for a patented blood pressure medication because entry into the market has been limited through price cutting.Should price controls be imposed on life-saving drugs? Will consumers benefit or be harmed by this type of regulation?
- List the costs and benefits of the following hypothetical policies: A. The US government offers a $5 billion prize to the first drug company that develops a cure for Alzheimer's disease. B. The patent length for drugs to treat fatal diseases is reduced to five years and all current patents for such drugs that are already in more than five years old instantly expire. C. The European Medicines Agency announces that it will instantly approve new drug applications that have shown any promise in treating Creutzfeld-Jakob disease (also known as mad cow disease), even if there are safety concerns or if the evidence of efficacy is not conclusive. D. The US government allows patients to write themselves prescriptions on weekends, when physicians are typically not available. E. The US government mandates lower out-of-pocket costs on brand-name drugs.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 are the potential benefits of reducing the availability of illegal drugs versus reducing the demand for such substances?