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Market Power And The Pharmaceutical Industry In South Africa

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  • George G. Djolov

Abstract

This paper examines the social cost of the pharmaceutical industry in South Africa. From a regulatory perspective the industry is seen to exhibit monopolylike behaviour resulting in monopoly prices on the supply (manufacturing) side and diminished consumption on the demand (consumer) side. The evidence presented here, which is complementary to that of previous studies, does not support that view. The findings contained here are relevant to the highly contentious subject of access to drugs.

Suggested Citation

  • George G. Djolov, 2004. "Market Power And The Pharmaceutical Industry In South Africa," Economic Affairs, Wiley Blackwell, vol. 24(2), pages 47-51, June.
    • Handle: RePEc:bla:ecaffa:v:24:y:2004:i:2:p:47-51
    DOI: 10.1111/j.1468-0270.2004.00473.x
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    References listed on IDEAS

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    1. Littlechild, S C, 1981. "Misleading Calculations of the Social Costs of Monopoly Power," Economic Journal, Royal Economic Society, vol. 91(362), pages 348-363, June.
    2. F. M. Scherer & Dietmar Harhoff & J, rg Kukies, 2000. "Uncertainty and the size distribution of rewards from innovation," Journal of Evolutionary Economics, Springer, vol. 10(1), pages 175-200.
    3. Mansfield, Edwin, 1985. "How Rapidly Does New Industrial Technology Leak Out?," Journal of Industrial Economics, Wiley Blackwell, vol. 34(2), pages 217-223, December.
    4. Mansfield, Edwin & Schwartz, Mark & Wagner, Samuel, 1981. "Imitation Costs and Patents: An Empirical Study," Economic Journal, Royal Economic Society, vol. 91(364), pages 907-918, December.
    5. D. F. Leach, 1994. "The South African Cement Cartel: A Critique of Fourie and Smith," South African Journal of Economics, Economic Society of South Africa, vol. 62(3), pages 156-168, September.
    6. Grabowski, Henry G. & Vernon, John M., 1994. "Returns to R&D on new drug introductions in the 1980s," Journal of Health Economics, Elsevier, vol. 13(4), pages 383-406.
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    Cited by:

    1. Fukuyama, Hirofumi & Matousek, Roman & Tzeremes, Nickolaos G., 2023. "Estimating the degree of firms’ input market power via data envelopment analysis: Evidence from the global biotechnology and pharmaceutical industry," European Journal of Operational Research, Elsevier, vol. 305(2), pages 946-960.

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