The development cycle for a prescription drug takes more than a decade, is very costly and is not explicitly covered in the standard ‘theory of the firm. To protect their intellectual property (IP) the pharmaceutical firm will patent the medicine at the start of the development process – thus reducing their ‘monopoly production time’ once the product is on the market.
The ‘clinical development’ phase involves extensive trials when the medicine is given to volunteers and patients – this may cause ethical dilemmas to occur.
What ethical and market considerations are involved in the pricing of prescription drugs?
Place an order of a custom essay for this assignment with us now. You are guaranteed; a custom premium paper being delivered within its deadline, personalized customer support and communication with your writer through out the order preparation period.