《健康经济学》课件Chapter12.ppt
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- 健康经济学 健康 经济学 课件 Chapter12
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1、IntroThe pharmaceutical industry got its start in 1899,when Bayer,a German chemical company,introduced a painkiller called aspirinToday,the pharmaceutical industry is massive but tightly regulatedThis industry is an ideal setting to study both the economics of innovation and the economics of regulat
2、ion.Ch 12|Pharmaceuticals and the economics of innovationTHE LIFE CYCLE OF A DRUGThe life cycle of a drugFind chemical compound that might treat a diseaseThen,test it on animals to show it is not toxicThen,test on humans in three phasesPhase 1:low dose to healthy individuals(2 years)Phase 2:dose to
3、unhealthy individuals(2 years)Phase 3:test effectiveness in preventing disease or medical conditions(3-4 years)Get approved for sale by FDA or similar bodyThe life cycle of a drugOnce the drug is approved for sale,the drug company has a temporary legal monopoly protected by a patent(17 years in the
4、US)This is the companys chance to recoup the millions of dollars spent on testingAfter that time is up,other companies can produce the same drug cheaply and profits decrease sharplyCh 12|Pharmaceuticals and the economics of innovationDRUG DEVELOPMENTDrug development is costlyHard to find a promising
5、 chemical in the first placeOnly 21.5%of drugs that enter Phase I pass to Phase IIIThe whole process can cost$500 million or more to bring a drug to the point of approvalCh 12|Pharmaceuticals and the economics of innovationPATENTSHow do we induce companies to make these costly investments?Patents cr
6、eate a legal monopoly and hence the opportunity for monopoly profitsIn practice,only the top 30%of drugs pay for themselvesHow strong should patents be?Downside of stronger patentsCustomers have to pay monopoly prices for a longer periodLess incentive for further innovation by same companyLegal barr
7、iers to subsequent innovation by another companyBut if patents are too weak,no incentive to develop new drugs!Patents in developing countriesLow-income countries think about this tradeoff differentlyMonopoly prices weigh more heavily on low-income populationsFree rider effect:if the US has patent pr
8、otections,companies will develop new drugs even if there are weak patent protections in IndiaWe will see this effect again when we talk about price controlsPrice discriminationIn theory,drug companies could sell their drugs for different prices in different countriesIn practice,black-market importat
9、ion makes this impossiblePrice controlsPrice ceilings set or negotiated by the government Example:Italian government publishes list of maximum permissible prices for each drugExample:NHS in UK sets the price at which they are willing to purchase drugs(monopsony power)Controls reduce incentive for re
10、searchTradeoff between access to existing drugs and incentives to develop new ones,same as patent tradeoffUS has no broad price controlsOther countries free-ride on US market for future innovationDrug companies count on making their money off US consumersCh 12|Pharmaceuticals and the economics of in
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