Should price controls be imposed on life-saving drugs? Will consumers benefit or be harmed by this type of regulation?

Q: You read the following from an article on WebMD: "Spending on health care is out of control, and the…

A: Spending on health care is driven by government.

Q: In the United States, the Food and Drug Administration (FDA) enforces regulations aimed at ensuring…

A: Quantity regulations are efficient for food and drug administration

Q: Why does taking a drug off a formulary increase the prices to the consumer?

A: At the marketplace, there are many pharmaceutical companies that make their medicines using…

Q: If a food product is found to be imminently hazardous, which of the following actions are not…

A: The Food and Drug Administration is in charge of guaranteeing the safety, effectiveness, and…

Q: couldn't legalizing marijuana generate significant revenue? to the US economy

A: Marijuana is a mind-altering drug which is smoked or consumed.

Q: The New York Times has stated that Mylan, the company that makes the now infamous Epipen, has become…

A: A patent is a sort of intellectual property that grants its possessor the legal right to prevent…

Q: Have Government regulators responded to the apparent change in the effects of concentration on…

A: Have Government regulators responded to the apparent change in the effects of concentration on…

Q: Comment on the elasticity of demand for medicine

A: The elasticity of demand for any good represents how the quantity demanded is impacted when price of…

Q: Explain how the Orphan Drug Act would affect drug development. are there any tradeoffs from the act?

A: The economics as a study is based upon the basic idea that the resources which are present with the…

Q: Both the Japanese government and Canadian governments are worried about rising prices of medicines.…

A: Government implement price ceiling for the protection of consumer but it will cause negative results…

Q: If a government wishes to maximize the rate of pharmaceutical innovation, it should offer…

A: Intellectual property is ownership of images, ideas or concepts which grant exclusive rights for use…

Q: how did cannabis legalization affect market demand?

A: Cannabis is a kind of marijuana, which is an addictive drug used for various medical purpose. It is…

Q: Is coupon usage a widespread activity in the targeted international markets?What other forms of…

A: Meaning of Market: The term market refers to the situation under which the producers or the…

Q: When there is an excess demand of a product in an unregulated market,the tendency is for

A: When there is excess demand of a product in an unregulated market,there will be shortage of…

Q: What are the problems associated with changing the statistics in drug research?

A: Statistical tools are very important for the purpose of the analysis of any study as it is the…

Q: In the United States, the Food and Drug Administration (FDA) enforces regulations aimed at ensuring…

A: Quantity regulations are very much efficient for food and drug administration.

Q: Should there be one $/QALY for an entire country? How would you expect drug companies to react to…

A: There should be standard minimumprice for drugs.One dillar should be preferrable. Therefore it…

Q: Which of the following laws govern the labeling and packaging of a product? Group of answer choices…

A: An object that is being purchased by the consumer for getting the satisfaction of his utility for a…

Q: Now consider the equilibrium between supply and demand. Critique a policy of (a) full legalization…

A: a)By eliminating illegal pharmaceuticals in the market, the broader legalization of the product will…

Q: Price controls decrease the innovation rate for drugs but make existing drugs more affordable. True…

A: In economics, price controls are government-imposed restrictions that ensure that goods and services…

Q: What is meant by the term deseasonalized demand?

A: Meaning of Demand: The term demand refers to the willingness of an individual to purchase a…

Q: U.S. pharmaceutical companies charge different prices for prescription drugs to buyers in different…

A: A) Contingent upon the abroad business sectors elasticity of demand and prevailing price ceilings…

Q: In generic drug pricing what is the impact competitors and additional factors have on the results of…

A: Pricing Strategy: The term “pricing strategy” refers to the process to price their commodity at…

Q: What are the potential benefits of reducing the availability of illegal drugs versus reducing the…

A: The markets are a place where the buyers, and sellers of various goods and services tend to meet and…

Q: N. If the demand curve for a life-saving medicine is perfectly inelastic, then a reduction in supply…

A: Demand means that there is no adjustment of the amount of the item requested when the cost…

Q: Why is pricing one of the most critical and complex decisions a pharmacy manager has to make?

A: The pricing is important for any product. But in pharmacy services it is considered of utmost…

Q: Indicate whether each statement is true or false, and justify your answer.Price controls decrease…

A: True

Q: Define price control

A: Price- The amount of money that a given commodity has to be paid to purchase. As far as the amount…

Q: Evaluate the impact competitors and additional economic factors have on the results of the generic…

A: The main aim of any drug company is to generate revenue and be in the market so the pricing strategy…

Q: Understand the fundamental approaches to price management

A: Pricing management refers to the process by which firms arrive at an optimal strategy using all the…

Q: 1. Given the following table  *Table attached* (a) Calculate the average cost-effectiveness ratio…

A: We are going to use concepts such as Average Cost effectiveness ratio and Incremental Cost effective…

Q: Nurses are able to demand a higher wage in the clinic market. 1. Given the above scenario, what will…

A: The markets are one of the most important places in an economy, as the markets assist the buyers, as…

Q: Write a brief policy statement that presents a position on the need for utilizing morediverse…

A: Policy statement is a set of methods that are accepted in an organization. It provides a guideline…

Q: What are some ways drug use has changed from early times to modern times ?  What are some predictors…

A: Social history proposes that our relationship with drugs is more complicated than the worldview of…

Q: Should the FDA consider economic factors in new drug approvals?

A: Approval of drug means that the particular drug approved is useful for particular illness and it…

Q: Price control means

A: The equilibrium price of the good is determined at a point where the demand curve of the good…

Q: Insurance exchanges: A. are government-regulated markets where individuals can purchase health…

A: C. are government-regulated markets where prices are set directly by federal regulators. Option "C"…

Price Ceilings and Price Floors

Price Ceilings and Price Floors strategy is used by the Government to control the prices of certain goods and services in the market. This method helps the Government to protect the interests of both buyers and suppliers in difficult economic times.