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Replace Pharmaceutical Patents Now

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Author Info
Earl L. Grinols (Department of Economics, Baylor University, Waco, Texas, USA)
James W. Henderson (Department of Economics, Baylor University, Waco, Texas, USA)
Abstract

Pharmaceutical patents are anachronistic holdovers from an era in which modern economic understanding and tax tools were unavailable. Superior mechanisms lie somewhere between a first best pricing solution for the entire economy at one extreme and the current arrangements at the other. We discuss the economics of suggested alternatives and suggest that the intertemporal bounty is the best way to meet the multiple objectives of immediate distribution at marginal cost pricing of newly innovated patented drugs and easily administered, efficient inducement to continued innovation. The intertemporal bounty prevents the expansion of monopoly power resulting from co-pay or -insurance provisions common to modern prescription drug plans.

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Publisher Info
Article provided by Wolters Kluwer Health | Adis in its journal PharmacoEconomics.

Volume (Year): 25 (2007)
Issue (Month): 5 ()
Pages: 355-363
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Handle: RePEc:wkh:phecon:v:25:y:2007:i:5:p:355-363

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Web page: http://pharmacoeconomics.adisonline.com/

For technical questions regarding this item, or to correct its listing, contact: (Remco Bouckaert).

Related research
Keywords: Health-economics Pharmaceutical-industry Pricing

Find related papers by JEL classification:
C - Mathematical and Quantitative Methods
D - Microeconomics
I - Health, Education, and Welfare
Z - Other Special Topics
I1 - Health, Education, and Welfare - - Health
I19 - Health, Education, and Welfare - - Health - - - Other
I18 - Health, Education, and Welfare - - Health - - - Government Policy; Regulation; Public Health
I11 - Health, Education, and Welfare - - Health - - - Analysis of Health Care Markets

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This page was last updated on 2008-7-20.

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