For more than four decades, beginning with an investigationchaired by Senator Estes Kefauver in the 1950s, debate has ragedover the economics of the pharmaceutical manufacturing industry.Critics point to monopolistic pricing and high profits; defendersemphasize the advances in medical therapy achieved by the industry.In this article, I will attempt to clarify components of thedebate, although this discussion cannot resolve the uncertaintiesand value judgments required to achieve closure.
The bounds of the industry are indistinct. From statistics compiledby the industry's principal trade association, "Big Pharma"companies reported U.S. prescription-drug sales in 2002 of $145. . . [Full Text of this Article]
Research and Development, New Products, and Patenting
Monopoly Pricing Power
Linking Price, Profit, and Research
Methods of Restraining Pricing Power
International Price Differentials
Conclusions
Source Information
From the Kennedy School of Government, Harvard University, Cambridge, Mass.
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