Pharmaceutical Industry Tariffs and Protectionism Discussion

Pharmaceutical Industry Tariffs and Protectionism Discussion

Instructions/Descriptions

Pharmaceutical Industry Tariffs and Protectionism Discussion

[Order Now]

A skeptic about the gains from global trade might offer up some challenging counterpoint questions regarding trade. Ask at least two questions that counter the numeric benefits of globalization.

Review the article (Links to an external site.) and use economic theory to analyses whether tariffs and/or a protectionist policy by the US will help/hurt the economy.

**Minimum 5 sentences

Pharmaceutical Industry Worksheet

Many of the pharmaceutical drugs sold in the U.S. is produced and sold by a sort of government sanctioned monopoly. Companies that successfully invent a new drug can obtain a patent from the government which prevents competitors from producing that drug and thus lets the innovator temporarily enjoy monopoly power. This is creating a lot of issues however, leading many patients in need of such lifesaving drugs severely indebted, bankrupt, or worse, dead.

However, the issue present in the pharmaceutical industry is not pervasive with all industries that enjoy patent protection.

Question 1:

Why is it that the pharmaceutical industry is the problem child when it comes to the patent system? What is unique about the market for drugs?

Question 2:

In many cases, the patent protection given to pharmaceutical innovators creates a perverse situation in which patients in the U.S. are paying substantially higher prices compared to less wealthy countries for the exact same drug produced by the same manufacturer. Opponents of Big Pharma argue that because of this, U.S. patients are indirectly subsidizing the drug for patients from less wealthy countries by paying substantial markups on domestic drugs. This is buttressed by the fact that it is illegal to import drugs from abroad. To what extent do you agree or disagree with this argument?

Grade on the assignment will be determined by:

(1) the clarity of your response,
(2) the organization/grammar,
and most importantly (3) the strength of arguments.

To fully satisfy the 3rd criteria, when it fits, please make sure to use these terms: Monopoly, Natural Monopoly, Uniform Pricing, Non-Uniform Pricing, Price Discrimination,

Profit, Revenue

Helpful Sources:

To read more about the pharmaceutical patent system read the links below, though they’re not meant to be entirely factually correct or unbiased; they are meant for additional context.

https://www.nytimes.com/roomfordebate/2015/09/23/should-the-government-impose-drug-price- controls/end-patent-monopolies-on-drugs

https://www.forbes.com/sites/robertpearl/2017/01/19/why-patent-protection-in-the-drug-industry- is-out-of-control/#33e0b60978ca

Pharmaceutical Industry Tariffs and Protectionism Discussion

PLACE THE ORDER WITH US TODAY AND GET A PERFECT SCORE!!!