Download or read book Economic Analysis of the Demand for Prescription Medicine in the United States written by Howard June Eng and published by . This book was released on 1985 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt: The purpose of this study was to understand the role of principle economic, sociodemographic and health status factors in determining the likelihood and volume of prescription drug use. Econometric demand regression models were developed for this purpose. Ten explanatory variables were examined: family income, coinsurance rate, age, sex, race, household head education level, size of family, health status, number of medical visits, and type of provider seen during medical visits. The economic factors (family income and coinsurance) were given special emphasis in this study.
Download or read book Making Medicines Affordable written by National Academies of Sciences, Engineering, and Medicine and published by National Academies Press. This book was released on 2018-03-01 with total page 235 pages. Available in PDF, EPUB and Kindle. Book excerpt: Thanks to remarkable advances in modern health care attributable to science, engineering, and medicine, it is now possible to cure or manage illnesses that were long deemed untreatable. At the same time, however, the United States is facing the vexing challenge of a seemingly uncontrolled rise in the cost of health care. Total medical expenditures are rapidly approaching 20 percent of the gross domestic product and are crowding out other priorities of national importance. The use of increasingly expensive prescription drugs is a significant part of this problem, making the cost of biopharmaceuticals a serious national concern with broad political implications. Especially with the highly visible and very large price increases for prescription drugs that have occurred in recent years, finding a way to make prescription medicinesâ€"and health care at largeâ€"more affordable for everyone has become a socioeconomic imperative. Affordability is a complex function of factors, including not just the prices of the drugs themselves, but also the details of an individual's insurance coverage and the number of medical conditions that an individual or family confronts. Therefore, any solution to the affordability issue will require considering all of these factors together. The current high and increasing costs of prescription drugsâ€"coupled with the broader trends in overall health care costsâ€"is unsustainable to society as a whole. Making Medicines Affordable examines patient access to affordable and effective therapies, with emphasis on drug pricing, inflation in the cost of drugs, and insurance design. This report explores structural and policy factors influencing drug pricing, drug access programs, the emerging role of comparative effectiveness assessments in payment policies, changing finances of medical practice with regard to drug costs and reimbursement, and measures to prevent drug shortages and foster continued innovation in drug development. It makes recommendations for policy actions that could address drug price trends, improve patient access to affordable and effective treatments, and encourage innovations that address significant needs in health care.
Download or read book Copayments and the Demand for Prescription Drugs written by Domenico Esposito and published by Routledge. This book was released on 2006-04-18 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt: Increasing prescription drug cost-sharing by patients - in the form of increasing copayments - is one of the most striking, and controversial, developments in the health sector over recent years. The exact nature and use of copayments by health care insurers continues to be hot topic of debate. This detailed and meticulously researched study is one of the first of its kind: its results suggest that differences in copayments influence choice, shifting market share for these drugs. Differential copayments for medically equivalent alternatives is one strategy insurers use to affect the choice of one drug over another when faced with differing prices. Relative copayments for therapeutically equivalent drugs, imposed by insurers, are shown to have a significant impact on consumer choice – the implication being that physicians are acting in patients’ financial, as well as medical interest. Unlike much work in this area, Copayments and the Demand for Prescription Drugs is not sponsored by any drug company; and its up-to-date results, established on a firm scientific basis, are entirely unbiased. Its results have applications for the private insurance and pharmaceutical sectors as well as the public sector, and it will be of great interest to professionals and researchers in the fields of health economics, economic and healthcare policy-making, and microeconomics: its primary findings are especially critical to the United States public health sector which is on the cusp of providing a prescription drug benefit to nearly forty million elderly Americans.
Download or read book The Right Price written by Peter J. Neumann and published by Oxford University Press. This book was released on 2021 with total page 273 pages. Available in PDF, EPUB and Kindle. Book excerpt: The prescription drug market -- Proposed solutions for rising drug prices -- Measuring the value of prescription drugs -- Measuring drug value : whose job is it anyway? -- Institute for Clinical and Economic Review (ICER) -- Other US value assessment frameworks -- Do drugs for special populations warrant higher prices? -- Improving value measurement -- Aligning prices with value -- The path forward.
Download or read book Reasonable Rx written by Stan Finkelstein and published by FT Press. This book was released on 2008-01-23 with total page 207 pages. Available in PDF, EPUB and Kindle. Book excerpt: A Real Plan for Making Drugs Affordable–and Promoting Innovation, Too “This book is a necessity for understanding the pharmaceutical industry. Both the pluses and minuses of the present system are set forth with a judicious combination of historical narrative, economic analysis, and statistical data. The highly original proposals for reform will be a major stimulant to analysis and policy-making.” –Kenneth Arrow, Nobel Laureate in Economics, Professor Emeritus, Stanford University “This is a timely book by authors who know what they are talking about. They tackle a big problem: rising drug prices that are threatening to overwhelm us all–and especially those with limited or absent health care insurance. Will we drive people overseas for healthcare? Will there be social unrest? This book describes the problem and then offers a solution. Worth a careful read by everyone, pharmaceutical manufacturers and government policymakers especially.” –Roger Williams, M.D., Chief Executive Officer of the United States Pharmacopeia and a former senior official of the Food and Drug Administration “This book confounds two sets of skeptics: Those who say there’s no way to resolve the conflict between the need to fund pharmaceutical research and our desire to keep medicine affordable; and those who think that economics never has anything good to say.” –Honorable Barney Frank, Congressman from Massachusetts “This book comes at the right time and could become the starting point of discussions, which will eventually lead us into new era in the healthcare care industry. It will without a doubt become a must for insiders of the pharma- and biotech industries.” –Dr. Jürgen Drews, retired President of Roche Pharmaceutical Group Global Research Acknowledgments viii About the Authors ix Introduction xi Chapter 1: Drugs and Drug Prices 1 Chapter 2: The American Way to Discover Drugs 21 Chapter 3: The Drug Industry Today 39 Chapter 4: Are Drug Companies Risky? 59 Chapter 5: How Not to Lower Drug Prices 77 Chapter 6: Squandering R & D Resources 103 Chapter 7: How to Lower Drug Prices 129 Appendix: Our Solution in Detail 155 Index 177
Download or read book The Changing Economics of Medical Technology written by Institute of Medicine and published by National Academies Press. This book was released on 1991-02-01 with total page 225 pages. Available in PDF, EPUB and Kindle. Book excerpt: Americans praise medical technology for saving lives and improving health. Yet, new technology is often cited as a key factor in skyrocketing medical costs. This volume, second in the Medical Innovation at the Crossroads series, examines how economic incentives for innovation are changing and what that means for the future of health care. Up-to-date with a wide variety of examples and case studies, this book explores how payment, patent, and regulatory policiesâ€"as well as the involvement of numerous government agenciesâ€"affect the introduction and use of new pharmaceuticals, medical devices, and surgical procedures. The volume also includes detailed comparisons of policies and patterns of technological innovation in Western Europe and Japan. This fact-filled and practical book will be of interest to economists, policymakers, health administrators, health care practitioners, and the concerned public.
Download or read book The economic aspects of the pharmaceutical industry in the United States written by United States. Congress. House. Committee on Government Reform. Subcommittee on Human Rights and Wellness and published by . This book was released on 2003 with total page 104 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Reasonable Rx written by Stan Finkelstein and published by . This book was released on 2008 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt: A Real Plan for Making Drugs Affordable-and Promoting Innovation, Too "This book is a necessity for understanding the pharmaceutical industry. Both the pluses and minuses of the present system are set forth with a judicious combination of historical narrative, economic analysis, and statistical data. The highly original proposals for reform will be a major stimulant to analysis and policy-making." -Kenneth Arrow, Nobel Laureate in Economics, Professor Emeritus, Stanford University "This is a timely book by authors who know what they are talking about. They tackle a big problem: rising drug prices that are threatening to overwhelm us all-and especially those with limited or absent health care insurance. Will we drive people overseas for healthcare? Will there be social unrest? This book describes the problem and then offers a solution. Worth a careful read by everyone, pharmaceutical manufacturers and government policymakers especially." -Roger Williams, M.D., Chief Executive Officer of the United States Pharmacopeia and a former senior official of the Food and Drug Administration "This book confounds two sets of skeptics: Those who say there's no way to resolve the conflict between the need to fund pharmaceutical research and our desire to keep medicine affordable; and those who think that economics never has anything good to say." -Honorable Barney Frank, Congressman from Massachusetts "This book comes at the right time and could become the starting point of discussions, which will eventually lead us into new era in the healthcare care industry. It will without a doubt become a must for insiders of the pharma- and biotech industries." -Dr. Jürgen Drews, retired President of Roche Pharmaceutical Group Global Research Acknowledgments viii About the Authors ix Introduction xi Chapter 1: Drugs and Drug Prices 1 Chapter 2: The American Way to Discover Drugs 21 Chapter 3: The Drug Industry Today 39 Chapter 4: Are Drug Companies Risky? 59 Chapter 5: How Not to Lower Drug Prices 77 Chapter 6: Squandering R & D Resources 103 Chapter 7: How to Lower Drug Prices 129 Appendix: Our Solution in Detail 155 Index 177.
Download or read book Pharmaceutical R D written by and published by DIANE Publishing. This book was released on 1993 with total page 380 pages. Available in PDF, EPUB and Kindle. Book excerpt: Analyzes the costs, risks, and economic rewards of pharmaceutical R&D and the impact of public policy on both costs and returns. Examines the rapid increase in pharmaceutical R&D that began in the 1980s in the light of trends in science, technology, drug discovery, and health insurance coverage; Government regulation; product liability; market competition; Federal tax policy; and Federal support of prescription drug research. 12 appendices, including a glossary of terms.
Download or read book Uniform Pharmaceutical Pricing written by Ernst R. Berndt and published by American Enterprise Institute. This book was released on 1994 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: This monograph argues that uniform pharmaceutical pricing legislation is bad public policy.
Download or read book Greater Access to Generic Drugs written by Michelle Meadows and published by . This book was released on 2003 with total page 8 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays on the Economics of Drug Prescribing and Utilization written by Mariana Patricia Carrera and published by . This book was released on 2011 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt: Consumers do not purchase prescription drugs in a standard marketplace setting; instead, they rely on physicians to select an appropriate drug on their behalf. This potential agency problem is amplified by the fact that different consumers pay different prices for the same drug, depending on the copayments required by their insurance plan. There is a prevalent public concern that physicians are overly influenced by pharmaceutical company promotion, but little is actually known about how they choose which drugs to prescribe. This dissertation investigates the extent to which agency and information problems affect prescribing, and consequently, patient outcomes. I use individual-level data on prescription drug purchases by employees and retirees in twenty-nine Fortune 500 firms from 2003-2007 to construct a sample of patients receiving first-time prescriptions for chronic drugs. In the first two chapters, I estimate how initial prescriptions respond to three factors of patient utility: the copays set by individual health plans, large-scale copay shocks induced by patent expirations, and the predicted price-sensitivity of an individual patient. In the third chapter, a smaller sample with physician identifiers is used to measure the range of physician prescribing (number of drugs used) within a class, and its impact on patient outcomes. In Chapter 1, I study the responses of physicians and patients to variation in the cost of drugs, and assess the welfare and health consequences of asymmetric and imperfect information in the prescription drug market. I focus on statins (cholesterol-lowering drugs) which are currently the most prescribed category of prescription drugs in the United States. Demand for drugs that treat chronic conditions depends on the initial prescriptions written by a physician, and on the subsequent decisions of patients to continue the prescription or stop. I show that the continuation decision is relatively sensitive to co-payment prices. Initial prescriptions, by comparison, are relatively insensitive to co-payment prices, suggesting that physicians either don't know the prices their patients are paying, or fail to take prices into consideration. I use the event of the highly publicized expiration of the patent for Zocor (simvastatin) to test between these explanations. Insurance plans have much lower co-pays for off-patent drugs: my analysis suggests that physicians are aware of this fact, and substantially increased prescriptions for Zocor and its generic equivalents following the patent expiration. Interestingly, the increases were larger for lower-income and healthier patients, suggesting that physicians correctly perceive the adherence elasticity of their patients and adjust their initial prescriptions accordingly, but only in response to a large and universal price change. In Chapter 2, I study the prescribing responses to ten patent expirations occurring between 2004 and 2007 in four drug classes: antidepressants, statins, calcium channel blockers, and beta blockers. Four of the patent-losing drugs (including Zocor) experienced significant increases in prescribing rates, while three experienced statistically significant decreases. Understanding what drives this variation can inform how pharmaceutical advertising, health plans, and patient costs affect physician decisions. I identify two factors that explain much of the variation in these responses: the size of the copay drop upon expiration (i.e. the difference in copays of the brand and generic versions of the drug), and the current prevalence of generic prescribing in the drug class. Results suggest that physicians are more likely to increase their prescribing of a drug, after it becomes available as a generic, if it previously had a higher copay, on average. However, there is a baseline tendency to reduce prescribing of a patent-losing drug, likely driven by the cessation of its advertising, and this tendency grows stronger with the existing rate of generic prescribing in a class. In Chapter 3, which is coauthored with Geoffrey Joyce and Neeraj Sood, we measure the range of physician prescribing within the ten most prevalent therapeutic classes, the factors affecting the broadness of this range, and its impact on patient outcomes. Physicians prescribe more broadly than commonly perceived. In 8 of 10 classes, the median physician prescribes at least 3 different drugs despite the small number of initial prescriptions observed per doctor (median=7). Physicians treating patients with a greater range of comorbid conditions and varied formulary designs prescribe a broader range of drugs within a class. Though narrow prescribers are more likely to prescribe highly advertised drugs, few physicians prescribe these drugs exclusively. Narrow prescribing has modest effects on medication adherence and out of pocket costs in some drug classes.
Download or read book Economic Dimensions of Personalized and Precision Medicine written by Ernst R. Berndt and published by University of Chicago Press. This book was released on 2019-04-22 with total page 361 pages. Available in PDF, EPUB and Kindle. Book excerpt: Personalized and precision medicine (PPM)—the targeting of therapies according to an individual’s genetic, environmental, or lifestyle characteristics—is becoming an increasingly important approach in health care treatment and prevention. The advancement of PPM is a challenge in traditional clinical, reimbursement, and regulatory landscapes because it is costly to develop and introduces a wide range of scientific, clinical, ethical, and socioeconomic issues. PPM raises a multitude of economic issues, including how information on accurate diagnosis and treatment success will be disseminated and who will bear the cost; changes to physician training to incorporate genetics, probability and statistics, and economic considerations; questions about whether the benefits of PPM will be confined to developed countries or will diffuse to emerging economies with less developed health care systems; the effects of patient heterogeneity on cost-effectiveness analysis; and opportunities for PPM’s growth beyond treatment of acute illness, such as prevention and reversal of chronic conditions. This volume explores the intersection of the scientific, clinical, and economic factors affecting the development of PPM, including its effects on the drug pipeline, on reimbursement of PPM diagnostics and treatments, and on funding of the requisite underlying research; and it examines recent empirical applications of PPM.
Download or read book The Role of NIH in Drug Development Innovation and Its Impact on Patient Access written by National Academies of Sciences, Engineering, and Medicine and published by National Academies Press. This book was released on 2020-01-27 with total page 103 pages. Available in PDF, EPUB and Kindle. Book excerpt: To explore the role of the National Institutes of Health (NIH) in innovative drug development and its impact on patient access, the Board on Health Care Services and the Board on Health Sciences Policy of the National Academies jointly hosted a public workshop on July 24â€"25, 2019, in Washington, DC. Workshop speakers and participants discussed the ways in which federal investments in biomedical research are translated into innovative therapies and considered approaches to ensure that the public has affordable access to the resulting new drugs. This publication summarizes the presentations and discussions from the workshop.
Download or read book Economic Analysis of the Prescription Drug Price Differentials Between Hospital and Community Pharmacies written by Ashok K. Gumbhir and published by . This book was released on 1974 with total page 83 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Economic Analysis of Prescription to Over the counter Conversion of Drugs written by Jay Patrick Bae and published by . This book was released on 1993 with total page 354 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book How Increased Competition from Generic Drugs Has Affected Prices and Returns in the Pharmaceutical Industry written by and published by U.S. Government Printing Office. This book was released on 1998 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt:
