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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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Answer 1

Generic medicine are those medicine which are not have patent right, these medicine are available at low cost , and these medicine have same ingredient  as compared to branded medicines.

Branded medicines are those medicines which have patent right, these medicine are available at high cost and thes medicine are same ingredient as compared to generic medicine.

In my opinion Generic medicine are high in demand in between of lower income group because it is available at low cost. Generic medicine are given by Goverment affiliated hospitals.

Branded medicine have high demand in high income group people and low demand in low income group people. These medicine are given mostly in private hospitals....

Branded medicine are provided by hospital because phamaceutical company provide incentive, holiday trip and commission to doctor who prescribe his medicine to patient.

In my opinion

Price elasticity of demand of Branded medicine is elastic because if price of Branded medicine is going to down then then the quantity demanded more. Beacause more people can afford the branded medicine .

Price elasticity of demand in generic medicine is inelastic , because there is small change as compared to change in price.

Income elasticity of demand in branded medicine is high , because if incomr of consumer increase , then consumer prefer more branded medicine as compared to gemeric.

Income elasticity of demand in generic medicine is unitary , income increase of consumer in same proportionate increse in demand of generic medicine