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Overview
The pharmaceutical industry is praised as a world leader in high technology innovation and the creator of products that increase both longevity and quality of life for people throughout the world. At the same time, the industry is also criticized for its marketing and pricing practices and for its apparent anticompetitive responses to generic competition. Even its research and development priorities are criticized as being too closely driven by the goal of maximizing shareholder value, rather than the health of the public. Unfortunately, many of the critics of the industry fail to understand the complexities of the industry and its role in the nations healthcare system. This book uses the tools of economic analysis to explore the conflicting priorities and aims of the pharmaceutical industry, from both an American and worldwide perspective.
This is the second edition of a uniquely comprehensive and balanced discussion of pharmaceutical policy issues. All the chapters of the former edition have been fully re-written and extensively updated.
In addition, the book includes six new chapters on emerging topics such as the broadened role of FDA regulations and the increasing diversity of the industry. An entire chapter is devoted to the biotechnology industry and one to alternative medicines, often called "nutraceuticals." Another new chapter discusses segments of the industry that specialize in particular activities including generic drugs and drug delivery systems. The recent controversial expansion of Medicare to cover outpatient drugs is discussed in depth. The introduction is also updated to address the volatile pace of pharmaceutical innovation and how the pharmaceutical industry has responded to the emergence of managed care.
The book contains black-and-white illustrations.
Synopsis
The pharmaceutical industry is praised as a leader in high technology innovation and the creator of products that increase both longevity and quality of life for people throughout the world. Yet the industry is also reviled for its marketing and pricing practices and even its research and development priorities. Its competitive nature is undergoing change today, with the entry of new firms and products increasing competition at the same time that mergers reduce it.
This book employs the tools of economic analysis to explore the conflicting priorities and aims of the pharmaceutical industry, from both a US and worldwide perspective. Schweitzer discusses the industry both as a manufacturer of products and as a major player in the making of health-care decisions. The author also analyzes the reasons and results of the shift in the locus of demand for pharmaceuticals. Presently the most important factor in formulating the future direction of pharmaceutical research are the demands of the large managed-care organizations rather than individual physicians. HMOs make decisions about product access on behalf of hundreds of thousands of patients. Recent changes in the regulatory environment—including patent law and FDA approval policies—have also influenced the pharmaceutical sector and are therefore investigated in detail.
Pharmaceutical Economics and Policy provides an insightful and expert analysis of this complex sector, and suggests appropriate regulatory approaches to assure that both private and public objectives continue to be served. It provides the first comprehensive look at the economics of the pharmaceutical industry in over 25 years. Readable and balanced, it will serve as an authoritative reference source for students and researchers in health services, health administration, health economics and policy, as well as for policy analysts and economists in industry, managed care organizations, and hospitals.
Daniel E. Hilleman
This book is the first in-depth evaluation of the economics of the U.S. and world-wide pharmaceutical industry in more than 25 years. It evaluates the pharmaceutical industry, marketing strategies of the pharmaceutical industry, the demand for pharmaceuticals, the pharmaceutical market, and interventions in the pharmaceutical market, including regulation, patient protection, new drug evaluation, and future health policy. The purpose is to explore conflicting priorities and aims of the pharmaceutical industry. This text, using an economic framework, examines the supply and demand sides of the pharmaceutical market as well as policies that attempt to alter market performance. The audience for this book is broad and will include healthcare professionals and students interested in health economics, health administration, pharmacy administration, and public policy. In addition, individuals working for healthcare regulatory agencies, pharmaceutical industry, health delivery organizations and healthcare insurance providers will find this information valuable. Highlights of the text include an in-depth discussion of pharmaceutical industry research and development practices, pharmaceutical marketing strategies, pharmaceutical pricing strategies, and patient protection issues. This book represents a worthwhile effort in discussing the economics and market forces that shape the pharmaceutical industry in the U.S. and abroad. Although some of the chapters appear to be disjointed from others, each contains useful and relevant information. The discussion of foreign regulatory affairs, foreign drug development, and pharmacoeconomic evaluations of new drugs tend to be less in-depth than otherissues. The book may have faired better if the global perspective were eliminated. Given these relatively minor detractions, the text is a welcome addition to those readers who deal with the pharmaceutical industrial and public policy issues.
Editorials
From The Critics
Reviewer: Albert I Wertheimer, BS, MBA, PhD(Temple University School of Pharmacy)Description: This is a wonderfully comprehensive examination of the internal and external economic forces affecting the pharmaceutical industry. It includes the biotechnology, generic, and international sectors and provides thorough reviews on the impact of regulations, price controls, patents, and marketing policies. This second edition is up-to-date and complete.
Purpose: The pharmaceutical sector is essential in all healthcare systems and yet most studies or reports only deal with selected topics or questions. This book reviews the entire industry and its components. It is useful for students in pharmacy, medicine, public health, health administration, and economics as well as for health planners, regulators, and those working in health policy. The book is much needed as there are few places where one can find a thorough, organized, and integrated treatise on this topic. The book even has a section on complementary and alternative medicines and a look into the future for pharmaceuticals and health policy. The author has succeeded in providing a one-stop resource for information about the economic and regulatory environment facing the pharmaceutical industry.
Audience: The author suggests that the book should be useful for students in related fields as well as for persons working in these areas. The book is useful in pharmaceutical marketing, public relations, lobbying, for persons preparing lectures, and persons in the various regulatory agencies. The information is accurate, objective, and current and is presented with appropriate perspective. It is very useful for anyone involved in the pharmaceutical realm.
Features: One may find fine information on the approval of new drugs, their marketing, price controls, the use of patents, pricing, and most aspects of the conduct of the industry in these areas. What is best about the book is its comprehensiveness. It covers topics little written about, such as nongovernmental price regulations, timing information about government approvals, and detailed data about alternative medicines, and a superb interpretation of the conduct of the marketplace in the U.S. and abroad. A more detailed index would be the only thing I would suggest if there is to be a third edition.
Assessment: This is a welcome addition to the market. It is extremely well organized and written and has precise information. The listed citations are abundant enough to enable the serious student to locate further information.
Daniel E. Hilleman
This book is the first in-depth evaluation of the economics of the U.S. and world-wide pharmaceutical industry in more than 25 years. It evaluates the pharmaceutical industry, marketing strategies of the pharmaceutical industry, the demand for pharmaceuticals, the pharmaceutical market, and interventions in the pharmaceutical market, including regulation, patient protection, new drug evaluation, and future health policy. The purpose is to explore conflicting priorities and aims of the pharmaceutical industry. This text, using an economic framework, examines the supply and demand sides of the pharmaceutical market as well as policies that attempt to alter market performance. The audience for this book is broad and will include healthcare professionals and students interested in health economics, health administration, pharmacy administration, and public policy. In addition, individuals working for healthcare regulatory agencies, pharmaceutical industry, health delivery organizations and healthcare insurance providers will find this information valuable. Highlights of the text include an in-depth discussion of pharmaceutical industry research and development practices, pharmaceutical marketing strategies, pharmaceutical pricing strategies, and patient protection issues. This book represents a worthwhile effort in discussing the economics and market forces that shape the pharmaceutical industry in the U.S. and abroad. Although some of the chapters appear to be disjointed from others, each contains useful and relevant information. The discussion of foreign regulatory affairs, foreign drug development, and pharmacoeconomic evaluations of new drugs tend to be less in-depth than otherissues. The book may have faired better if the global perspective were eliminated. Given these relatively minor detractions, the text is a welcome addition to those readers who deal with the pharmaceutical industrial and public policy issues.2 Stars from Doody