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Lessons for the United States from Pharmaceutical Regulation Abroad

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  • Margaret K. Kyle

Abstract

Pharmaceutical markets are characterized by barriers to entry and information problems. Many countries intervene in the pricing and reimbursement of drugs to a greater extent than the US government to date. Continued pressure from politicians and recent legislation are likely to change the market for pharmaceuticals in the United States. This article discusses the approaches adopted in other developed countries and the implications of their use in the United States, which due to its size, has far greater influence over the rate and direction of innovation. Alternative policy choices and the challenges of their implementation are also reviewed.

Suggested Citation

  • Margaret K. Kyle, 2025. "Lessons for the United States from Pharmaceutical Regulation Abroad," Journal of Economic Perspectives, American Economic Association, vol. 39(2), pages 53-78, Spring.
    • Handle: RePEc:aea:jecper:v:39:y:2025:i:2:p:53-78
    DOI: 10.1257/jep.20241418
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    More about this item

    JEL classification:

    • D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
    • L13 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Oligopoly and Other Imperfect Markets
    • L65 - Industrial Organization - - Industry Studies: Manufacturing - - - Chemicals; Rubber; Drugs; Biotechnology; Plastics
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • O34 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Intellectual Property and Intellectual Capital
    • O38 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Government Policy

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