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Technology, Regulation, and Market Structure in the Modern Pharmaceutical Industry

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  • Peter Temin
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    Abstract

    This paper describes the transformation of the American pharmaceutical industry into its modern configuration in the 1950s. The industry was faced with new regulatory and technological conditions which changed both the way drugs were marketed and what drugs were marketed. The new conditions led to substantially larger drug firms and increased vertical integration, but not to increased concentration or relative profitability in the drug industry. The reasons for this pattern of development stem from the interaction among the FDA's regulations on drug marketing, the limits of patent protection, and the nature of the new technology.

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    Bibliographic Info

    Article provided by The RAND Corporation in its journal Bell Journal of Economics.

    Volume (Year): 10 (1979)
    Issue (Month): 2 (Autumn)
    Pages: 429-446

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    Handle: RePEc:rje:bellje:v:10:y:1979:i:autumn:p:429-446

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    Web page: http://www.rje.org

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    Cited by:
    1. Pakes, Ariel & Nitzan, Shmuel, 1983. "Optimum Contracts for Research Personnel, Research Employment, and the Establishment of "Rival" Enterprises," Scholarly Articles 3428538, Harvard University Department of Economics.
    2. F. M. Scherer, 1993. "Pricing, Profits, and Technological Progress in the Pharmaceutical Industry," Journal of Economic Perspectives, American Economic Association, vol. 7(3), pages 97-115, Summer.
    3. Athreye, Suma & Godley, Andrew, 2008. "Internationalising to create Firm Specific Advantages: Leapfrogging strategies of U.S. Pharmaceutical firms in the 1930s and 1940s & Indian Pharmaceutical firms in the 1990s and 2000s," MERIT Working Papers 051, United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT).

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