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Chapter 10 A Survey on the Economics of the U.S. Pharmaceutical Industry

In: Current Issues in Health Economics

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  • Ian McCarthy

Abstract

With expenditures totaling $227 billion in 2007, prescription drug purchases are a growing portion of the total medical expenditure, and as this industry continues to grow, prescription drugs will continue to be a critical part of the larger health care industry. This chapter presents a survey on the economics of the US pharmaceutical industry, with a focus on the role of R&D and marketing, the determinants (and complications) of prescription drug pricing, and various aspects of consumer behavior specific to this industry, such as prescription drug regulation, the patient's interaction with the physician, and insurance coverage. This chapter also provides background in areas not often considered in the economics literature, such as the role of pharmacy benefit managers in prescription drug prices and the differentiation between alternative measures of prescription drug prices.

Suggested Citation

  • Ian McCarthy, 2010. "Chapter 10 A Survey on the Economics of the U.S. Pharmaceutical Industry," Contributions to Economic Analysis, in: Current Issues in Health Economics, pages 201-241, Emerald Group Publishing Limited.
  • Handle: RePEc:eme:ceazzz:s0573-8555(2010)0000290013
    DOI: 10.1108/S0573-8555(2010)0000290013
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