Using the New York Times article, "Defiant, Generic Drug Maker Continues to Raise Prices,"Discuss the social...

Using the New York Times article, "Defiant, Generic Drug Maker Continues to Raise Prices,"Discuss the social and financial implications of generic drug pricing decisions for various groups of stakeholders. What would be the socially optimum pricing strategy for the United States? What would be the socially optimum pricing strategy globally? please type not write

Expert Solution

Implications of increasing generic drug prices

When the prices of of generic generic drugs increase,it ultimately leads to the suffering of patients.

*Access to medicine becomes out of reach for them .

*They experience higher pharmacy cost hire premium and higher detectable as a result of increase in the priceof generic drugs.

*It leads to the Slow Down of adjustment to pair reimbursement.

*Pharmacies experience acquisition cost that exceed reimbursement rates resulting in lower margins.

Socially optimal pricing strategy for Generic drugs in US is to introduce the drug at a low price then gain brand loyalty and increase price by a low margin then increase it gradually but keep in with the constraints of the pharmacies and patients.lf necessary adopt competition based pricing strategy.

To create a stable pricing policy in the global market companies need innovative financial models.They must use segmentation analysis, health outcomes reasearch, parallel trade evaluation and demand analysis to craft a coherent pricing strategy accepted by all.

They can make use of reference pricing making use of the clinical and regulatory information available.

Rahul Sunny answered 6 months ago

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