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Hedonic Analysis of Arthritis Drugs

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  • Iain M. Cockburn
  • Aslam H. Anis

Abstract

We examine the relationship between quality'' and market outcomes for a group of drugs used to treat rheumatoid arthritis. Though this is a widespread and debilitating disease with very substantial impacts on the health of patients and on the economy, currently available drugs have limited efficacy and serious side effects. Clinical research conducted since these products were approved has resulted in substantial revisions to the body of scientific information available to physicians. The relative quality' of these drugs (as captured by efficacy and toxicity measurements reported in peer-reviewed clinical trials) has changed markedly over the past 15 years. Yet in our analysis of US wholesale prices we find that relative prices appear to be only weakly related to quality. We do however find a relationship between changes in reported efficacy and toxicity and the evolution of quantity shares in this market.

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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 6574.

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Date of creation: May 1998
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Publication status: published as Iain M. Cockburn, Aslam H. Anis. "Hedonic Analysis of Arthritis Drugs," in David M. Cutler and Ernst R. Berndt, editors, "Medical Care Output and Productivity" University of Chicago Press (2001)
Handle: RePEc:nbr:nberwo:6574

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  1. Anis, Aslam H. & Wen, Quan, 1998. "Price regulation of pharmaceuticals in Canada," Journal of Health Economics, Elsevier, vol. 17(1), pages 21-38, January.
  2. Berry, Steven & Levinsohn, James & Pakes, Ariel, 1995. "Automobile Prices in Market Equilibrium," Econometrica, Econometric Society, vol. 63(4), pages 841-90, July.
  3. Steven T. Berry, 1994. "Estimating Discrete-Choice Models of Product Differentiation," RAND Journal of Economics, The RAND Corporation, vol. 25(2), pages 242-262, Summer.
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Cited by:
  1. C. Lanier Benkard & Patrick Bajari, 2003. "Hedonic Price Indexes with Unobserved Product Characteristics, and Application to PC's," NBER Working Papers 9980, National Bureau of Economic Research, Inc.
  2. Ernst R. Berndt & David M. Cutler & Richard G. Frank & Zvi Griliches & Joseph P. Newhouse & Jack E. Triplett, 1998. "Price Indexes for Medical Care Goods and Services: An Overview of Measurement Issues," Harvard Institute of Economic Research Working Papers 1851, Harvard - Institute of Economic Research.
  3. Paul Chwelos, 2003. "Approaches to performance measurement in hedonic analysis: Price indexes for laptop computers in the 1990's," Economics of Innovation and New Technology, Taylor and Francis Journals, vol. 12(3), pages 199-224.
  4. Antonio Cabrales & Sergi Jiménez-Martín, 2008. "The Determinants of Pricing in Pharmaceuticals: Are U.S. prices really so high?," Working Papers 2008-18, FEDEA.
  5. Ernst R. Berndt & Robert S. Pindyck & Pierre Azoulay, 2000. "Consumption Externalities and Diffusion in Pharmaceutical Markets: Antiulcer Drugs," NBER Working Papers 7772, National Bureau of Economic Research, Inc.
  6. Bart Hobijn, 2001. "Is equipment price deflation a statistical artifact?," Staff Reports 139, Federal Reserve Bank of New York.
  7. Benkard, C. Lanier & Bajari, Patrick, 2003. "Hedonic Price Indexes with Unobserved Product Characteristics, and Application to PC's," Research Papers 1841, Stanford University, Graduate School of Business.
  8. David E. Lebow & Jeremy B. Rudd, 2001. "Measurement error in the consumer price index: where do we stand?," Finance and Economics Discussion Series 2001-61, Board of Governors of the Federal Reserve System (U.S.).
  9. Ana Aizcorbe & Nicole Nestoriak, 2010. "Price Indexes for Drugs: A Review of the Issues," BEA Working Papers 0050, Bureau of Economic Analysis.

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