Keiser University Managerial Economics Medication Market Discussion

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Economics

Keiser University

Description

In the market for medications, there is a difference in demand for medications that are under patent, medications that have a strong name brand, and medications that are generics. Discuss the differences in demand for these three different types of medications. Be sure to discuss these differences using the concepts of price elasticity of demand, cross price elasticity of demand and income elasticity of demand.

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Explanation & Answer

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Running head: MEDICATION MARKET

Managerial Economics: Medication Market
Student’s Name
Institutional Affiliation
Course Name and Course Code
Date of Submission

1

MEDICATION MARKET

2

Managerial Economics: Medication Market
Various brand-name pharmaceutical drugs observe an increase in prices when identical or
similar generic drugs penetrate the market. Many companies highly manufacture different
versions of generic drugs when the patent of a highly purchased drug expires. When the patent
protection lapses, the government allows firms to produce generic versions only if they prove
that their drugs have the same ingredients and effects as the branded drug. In the contemporary
world, generic drugs are growing in the pharmaceutical industry. Understanding their demand
and supply is significant, specifically price elasticity of demand...


Anonymous
Really useful study material!

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