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Economic misconceptions in the pharmaceutical industry

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  • George Teeling‐Smith

Abstract

The pharmaceutical industry has failed to defend itself effectively against criticisms of its economic behaviour, because it has largely failed to understand the factors affecting its own economic structure. These concern the importance of competitive research and pricing, and the need to protect and nurture the fruits of its innovation by the use of patents, brand names and sales promotion. There is still need for a better understanding of the importance of these factors both outside the industry and amongst its own staff, if its contribution to modern medical technology is not to be stifled by irrational criticisms and controls.

Suggested Citation

  • George Teeling‐Smith, 1980. "Economic misconceptions in the pharmaceutical industry," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 1(1), pages 37-41, March.
  • Handle: RePEc:wly:mgtdec:v:1:y:1980:i:1:p:37-41
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    File URL: http://hdl.handle.net/10.1002/mde.4090010107
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