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Launching prices for new pharmaceuticals in heavily regulated and subsidized markets
Puig, Jaume; González López-Valcárcel, Beatriz
Universitat Pompeu Fabra. Departament d'Economia i Empresa
This paper provides empirical evidence on the explanatory factorsaffecting introductory prices of new pharmaceuticals in a heavilyregulated and highly subsidized market. We collect a data setconsisting of all new chemical entities launched in Spain between1997 and 2005, and model launching prices. We found that, unlike inthe US and Sweden, therapeutically "innovative" products are notoverpriced relative to "imitative" ones. Price setting is mainly used asa mechanism to adjust for inflation independently of the degree ofinnovation. The drugs that enter through the centralized EMAapproval procedure are overpriced, which may be a consequence ofmarket globalization and international price setting.
2012-11-26
Labour, Public, Development and Health Economics
pharmaceuticals; price competition; price regulation
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http://creativecommons.org/licenses/by-nc-nd/3.0/es/
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