The reason for heavy criticism of the pharmaceutical industry.

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Answer 1

Question

Chapter 11, Problem 1QAP

To determine

The reason for heavy criticism of the pharmaceutical industry.

Expert Solution & Answer

Explanation of Solution

The studies on the pharmaceutical industry by economists began in the late 1950’s in responding to several concerns raised from the congressional investigations.

Pricing of products, profitability, competition in the market, product safety, and expenditure on research and development are some areas that were subject to their attention. Even after five decades, today, the issues aforesaid have not much changed.

It is stated that the United States spend only a mere 10% on pharmaceuticals out of the total expenses on health care.

However, it is also a fact that many people, especially elders spend a considerable amount out-of-pocket on pharmaceuticals. Nevertheless, the industry is expected to enforce stringent regulations on drug prices to control health care expenses as a whole.

The pharmaceutical expenses in America are much less than many other countries worldwide. Japan is said to be spending a good 40% of their per capita on drugs.

Nevertheless, the figure in America is being criticized saying that is deceiving to an extent. A majority of adults of working age experience low hospitalization.

However, their spending on pharmaceuticals from their health care dollars sum up to about 20% to 25%. This is considered the key reason why the 10% figure spent on pharmaceuticals are being heavily criticized.

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Answer 2

Question

Chapter 11, Problem 1QAP

To determine

The reason for heavy criticism of the pharmaceutical industry.

Expert Solution & Answer

Explanation of Solution

The studies on the pharmaceutical industry by economists began in the late 1950’s in responding to several concerns raised from the congressional investigations.

Pricing of products, profitability, competition in the market, product safety, and expenditure on research and development are some areas that were subject to their attention. Even after five decades, today, the issues aforesaid have not much changed.

It is stated that the United States spend only a mere 10% on pharmaceuticals out of the total expenses on health care.

However, it is also a fact that many people, especially elders spend a considerable amount out-of-pocket on pharmaceuticals. Nevertheless, the industry is expected to enforce stringent regulations on drug prices to control health care expenses as a whole.

The pharmaceutical expenses in America are much less than many other countries worldwide. Japan is said to be spending a good 40% of their per capita on drugs.

Nevertheless, the figure in America is being criticized saying that is deceiving to an extent. A majority of adults of working age experience low hospitalization.

However, their spending on pharmaceuticals from their health care dollars sum up to about 20% to 25%. This is considered the key reason why the 10% figure spent on pharmaceuticals are being heavily criticized.

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Answer 3

Question

Chapter 11, Problem 1QAP

To determine

The reason for heavy criticism of the pharmaceutical industry.

Expert Solution & Answer

Explanation of Solution

The studies on the pharmaceutical industry by economists began in the late 1950’s in responding to several concerns raised from the congressional investigations.

Pricing of products, profitability, competition in the market, product safety, and expenditure on research and development are some areas that were subject to their attention. Even after five decades, today, the issues aforesaid have not much changed.

It is stated that the United States spend only a mere 10% on pharmaceuticals out of the total expenses on health care.

However, it is also a fact that many people, especially elders spend a considerable amount out-of-pocket on pharmaceuticals. Nevertheless, the industry is expected to enforce stringent regulations on drug prices to control health care expenses as a whole.

The pharmaceutical expenses in America are much less than many other countries worldwide. Japan is said to be spending a good 40% of their per capita on drugs.

Nevertheless, the figure in America is being criticized saying that is deceiving to an extent. A majority of adults of working age experience low hospitalization.

However, their spending on pharmaceuticals from their health care dollars sum up to about 20% to 25%. This is considered the key reason why the 10% figure spent on pharmaceuticals are being heavily criticized.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 11, Problem 1QAP

To determine

The reason for heavy criticism of the pharmaceutical industry.

Expert Solution & Answer

Explanation of Solution

The studies on the pharmaceutical industry by economists began in the late 1950’s in responding to several concerns raised from the congressional investigations.

Pricing of products, profitability, competition in the market, product safety, and expenditure on research and development are some areas that were subject to their attention. Even after five decades, today, the issues aforesaid have not much changed.

It is stated that the United States spend only a mere 10% on pharmaceuticals out of the total expenses on health care.

However, it is also a fact that many people, especially elders spend a considerable amount out-of-pocket on pharmaceuticals. Nevertheless, the industry is expected to enforce stringent regulations on drug prices to control health care expenses as a whole.

The pharmaceutical expenses in America are much less than many other countries worldwide. Japan is said to be spending a good 40% of their per capita on drugs.

Nevertheless, the figure in America is being criticized saying that is deceiving to an extent. A majority of adults of working age experience low hospitalization.

However, their spending on pharmaceuticals from their health care dollars sum up to about 20% to 25%. This is considered the key reason why the 10% figure spent on pharmaceuticals are being heavily criticized.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 11, Problem 1QAP

To determine

The reason for heavy criticism of the pharmaceutical industry.

Expert Solution & Answer

Explanation of Solution

The studies on the pharmaceutical industry by economists began in the late 1950’s in responding to several concerns raised from the congressional investigations.

Pricing of products, profitability, competition in the market, product safety, and expenditure on research and development are some areas that were subject to their attention. Even after five decades, today, the issues aforesaid have not much changed.

It is stated that the United States spend only a mere 10% on pharmaceuticals out of the total expenses on health care.

However, it is also a fact that many people, especially elders spend a considerable amount out-of-pocket on pharmaceuticals. Nevertheless, the industry is expected to enforce stringent regulations on drug prices to control health care expenses as a whole.

The pharmaceutical expenses in America are much less than many other countries worldwide. Japan is said to be spending a good 40% of their per capita on drugs.

Nevertheless, the figure in America is being criticized saying that is deceiving to an extent. A majority of adults of working age experience low hospitalization.

However, their spending on pharmaceuticals from their health care dollars sum up to about 20% to 25%. This is considered the key reason why the 10% figure spent on pharmaceuticals are being heavily criticized.

Answer 6

Chapter 11, Problem 1QAP

To determine

The reason for heavy criticism of the pharmaceutical industry.

Expert Solution & Answer

Explanation of Solution

The studies on the pharmaceutical industry by economists began in the late 1950’s in responding to several concerns raised from the congressional investigations.

Pricing of products, profitability, competition in the market, product safety, and expenditure on research and development are some areas that were subject to their attention. Even after five decades, today, the issues aforesaid have not much changed.

It is stated that the United States spend only a mere 10% on pharmaceuticals out of the total expenses on health care.

However, it is also a fact that many people, especially elders spend a considerable amount out-of-pocket on pharmaceuticals. Nevertheless, the industry is expected to enforce stringent regulations on drug prices to control health care expenses as a whole.

The pharmaceutical expenses in America are much less than many other countries worldwide. Japan is said to be spending a good 40% of their per capita on drugs.

Nevertheless, the figure in America is being criticized saying that is deceiving to an extent. A majority of adults of working age experience low hospitalization.

However, their spending on pharmaceuticals from their health care dollars sum up to about 20% to 25%. This is considered the key reason why the 10% figure spent on pharmaceuticals are being heavily criticized.

Answer 7

Chapter 11, Problem 1QAP

To determine

The reason for heavy criticism of the pharmaceutical industry.

Answer 8

Expert Solution & Answer

Explanation of Solution

The studies on the pharmaceutical industry by economists began in the late 1950’s in responding to several concerns raised from the congressional investigations.

Pricing of products, profitability, competition in the market, product safety, and expenditure on research and development are some areas that were subject to their attention. Even after five decades, today, the issues aforesaid have not much changed.

It is stated that the United States spend only a mere 10% on pharmaceuticals out of the total expenses on health care.

However, it is also a fact that many people, especially elders spend a considerable amount out-of-pocket on pharmaceuticals. Nevertheless, the industry is expected to enforce stringent regulations on drug prices to control health care expenses as a whole.

The pharmaceutical expenses in America are much less than many other countries worldwide. Japan is said to be spending a good 40% of their per capita on drugs.

Nevertheless, the figure in America is being criticized saying that is deceiving to an extent. A majority of adults of working age experience low hospitalization.

However, their spending on pharmaceuticals from their health care dollars sum up to about 20% to 25%. This is considered the key reason why the 10% figure spent on pharmaceuticals are being heavily criticized.