TAILIEUCHUNG - Lecture Issues in economics today - Chapter 23

Learning objectives of this chapter include: Individual and market demand, changes in demand, individual and market supply, changes in supply, graphing supply and demand curves, finding equilibrium price and quantity. | Chapter 23 The Economics of Prescription Drugs Chapter Outline PROFITEERS OR BENEVOLENT SCIENTISTS MONOPOLY POWER AS IT APPLIES TO DRUGS IMPORTANT QUESTIONS Profiteers or Benevolent Scientists? Spending on drugs accounts for 9% of the more than $1 trillion health care industry The question of advertising Ads for particular drugs These are not unexpected as new cures and remedies are invented. Feel-good political ads These ads are seen as a means to forestall price controls or regulations. Patents A patent is a right granted by government to an inventor to be the exclusive seller on an invention for a limited period of time. Patents motivate innovation with the promise of monopoly profit for a period of time. Orphan Drugs An Orphan Drug is one that treats someone with a disease that afflicts few people. The concern is that there is insufficient potential demand to motivate innovation. For orphan drugs the patent life is extended by several years. The Concern over High Prices Are .

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