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Lecture Health economics - Chapter 11: The pharmaceutical industry

Lecture Health economics - Chapter 11: The pharmaceutical industry. This chapter presents the following content: Competitiveness of the pharmaceutical industry, conduct, performance. | The Pharmaceutical Industry Professor Vivian Ho Health Economics Fall 2009 Outline Competitiveness of the pharmaceutical industry Conduct Performance Benefits of Drugs Reduce mortality Reduce morbidity/improve quality of life Reduce cost of treating diseases Industry Structure # and size distribution of sellers Buyers’ side characteristics Barriers to entry Government regulation http://www.imshealth.com Top 10 U.S. Prescription Drug Sellers, 2008 Company Sales $b Pfizer 20.5 GlaxoSmithKline 18.4 AstraZeneca 16.3 Johnson & Johnson 16.0 Merck & Co 15.5 Amgen 13.4 Hoffman-LaRoche (incl Genentech) 13.1 Novartis 12.4 Lilly 11.4 Sanofi-Aventis 11.0 Article: Merck Intends to Spin Off Unit That Manages Drug Plans All are from the Manufacturing segment of the Economics Census: http://factfinder.census.gov/servlet/IBQTable?_bm=y&-ds_name=EC0231SR13&-ib_type=NAICS2002&-NAICS2002=311|315|3162|3251|3254|334611|336111|33712&-geo_id=&-_industry=334611&-_lang=en&-fds_name=EC0200A1 Can competition be accurate measured at the industry level? Most drugs are not substitutes to the patient The relevant product market is the therapeutic market Only a few major drugs compete in most therapeutic markets Concentration ratios at this level are higher than for industry as a whole Express Scripts Drug Trend Report, 2006 *Includes “Generics” as a top-4 firm http://www.express-scripts.com/ourcompany/news/industryreports/ Firms tend to make most profits from a few key drugs The Buyer Side Expend. Source ($billions) Percent Total 227.4 100.0% All private 146.6 64.5 Out-of-pocket 47.5 20.9 Private insurance 99.1 43.6 All government 80.8 35.5 Federal 66.5 29.2 State 14.3 6.3 Buyers of Prescription Drugs, 2007 NHE: http://www.cms.hhs.gov/NationalHealthExpendData/02_NationalHealthAccountsHistorical.asp#TopOfPage www.cms.hhs.gov NHE: http://www.cms.hhs.gov/NationalHealthExpendData/02_NationalHealthAccountsHistorical.asp#TopOfPage How 3rd parties influence drug . | The Pharmaceutical Industry Professor Vivian Ho Health Economics Fall 2009 Outline Competitiveness of the pharmaceutical industry Conduct Performance Benefits of Drugs Reduce mortality Reduce morbidity/improve quality of life Reduce cost of treating diseases Industry Structure # and size distribution of sellers Buyers’ side characteristics Barriers to entry Government regulation http://www.imshealth.com Top 10 U.S. Prescription Drug Sellers, 2008 Company Sales $b Pfizer 20.5 GlaxoSmithKline 18.4 AstraZeneca 16.3 Johnson & Johnson 16.0 Merck & Co 15.5 Amgen 13.4 Hoffman-LaRoche (incl Genentech) 13.1 Novartis 12.4 Lilly 11.4 Sanofi-Aventis 11.0 Article: Merck Intends to Spin Off Unit That Manages Drug Plans All are from the Manufacturing segment of the Economics Census: http://factfinder.census.gov/servlet/IBQTable?_bm=y&-ds_name=EC0231SR13&-ib_type=NAICS2002&-NAICS2002=311|315|3162|3251|3254|334611|336111|33712&-geo_id=&-_industry=334611&-_lang=en&-fds_name=EC0200A1