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Since it takes ten years to go through the FDA, it’s effectively more like a ten-year monopoly on actually selling the drug) The reason I usually limit my griping about pharmaceutical overpricing to generics and avoid brand-names is that while high generic pricing is inexcusable, high brand-name pricing is debatably useful. I searched the economics literature for studies, models, and arguments used to calculate whether price regulation would decrease drug development, and if so, how the benefits and risks balanced out. Golec & Vernon (2006) say that as a result of European drug price regulation, “EU consumers enjoyed much lower pharmaceutical price inflation, however, at a cost of 46 fewer new medicines introduced by EU firms.” 2.

Some people would say that the benefit of encouraging more drug development is worth the cost of higher prices, other people would say that it isn’t. Eger and Mahlich (2014) find that among pharmaceutical companies, “a higher presence in Europe is associated with lower R&D investments.

I worry that I am being unfair by acting snarky to somebody who is writing for a professional publication and so is not allowed to be snarky back; if so, I’m sorry and will try to control myself as best I can, which admittedly is not very good.

That having been said, I’m super against all of this and think it’s totally wrong.

Given the increased interest in a Medicare drug benefit, regulators should be aware of the hidden cost of price regulation for pharmaceuticals.” 7.

This prediction, however, is accompanied by several caveats.” 8.I didn’t want to wade into this complicated debate. The results can be interpreted as further evidence of the deteriorating effect of regulation on firm’s incentives to invest in R&D.” 3.Kutyavina (2010) finds that “brand-name pharmaceutical firms characterized by large R&D expenditures decreased their R&D efforts post 1993 threat [to regulate drug prices] relative to firms that did not engage in as much innovative R&D”. Acemoglu and Linn (2004) find that “We find a large effect of potential market size on the entry of nongeneric drugs and new molecular entities”, which I think is supposed to generalize to mean that the more money they expect to make the more research they do.Epi Pen is, in a way, a bit of a red herring […] Harvoni, a [patented] pill that cures Hepatitis C, costs ,114 here — and ,554 in the United Kingdom.Less red tape around generic drug competition wouldn’t really change that fact.

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