Prices, Markets, and the Pharmaceutical Revolution

  • Title:

    Prices, Markets, and the Pharmaceutical Revolution
  • Format:

    Paperback
  • Paperback Price:

    9.95
  • Paperback ISBN:

    0-8447-7147-3
  • Paperback Dimensions:

    8.25'' x 5.5''
  • 96 Paperback pages
  • Buy the Book

The full text of this book is also available as a PDF.

Although pharmaceutical costs have aroused controversy for decades, debate has intensified over the past year. Discussions have zeroed in on several themes, including the escalation of expenditures, particularly for the elderly, and the prices of some drugs. And now proposals to add a drug benefit to Medicare are being floated, with the specter of price controls on drugs on the horizon.

But, John E. Calfee contends, the impulse to address the price issue through political means is deeply misconceived and could thwart today's dramatic improvements in health. Using up-to-date data and sources, the author details today's "third revolution" in pharmaceuticals with a coherent explanation of the new marriage of biology with progress in clinical trials, managed care, the dynamic biotechnology industry, and even marketing and promotion. He navigates complex issues--the advances in pharmaceutical research and in the dissemination of information, the benefits to consumers, the dangers of price controls and disincentives to research--and urges Congress to exercise care in crafting changes to Medicare benefits while preserving the bright prospects for pharmaceutical advances.

John E. Calfee is a resident scholar at AEI and the author of Fear of Persuasion: A New Perspective on Advertising and Regulation.

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About the Author

 

John E.
Calfee
  • Economist John E. Calfee (1941-2011) studied the pharmaceutical industry and the Food and Drug Administration (FDA), along with the economics of tobacco, tort liability, and patents. He previously worked at the Federal Trade Commission's Bureau of Economics. He had also taught marketing and consumer behavior at the business schools of the University of Maryland at College Park and Boston University. While Mr. Calfee's writings are mostly on pharmaceutical markets and FDA regulation, his academic articles and opinion pieces covered a variety of topics, from patent law and tort liability to advertising and consumer information. His books include Prices, Markets, and the Pharmaceutical Revolution (AEI Press, 2000) and Biotechnology and the Patent System (AEI Press, 2007). Mr. Calfee wrote regularly for AEI's Health Policy Outlook series. He testified before Congress and federal agencies on various topics, including alcohol advertising; biodefense vaccine research; international drug prices; and FDA oversight of drug safety.

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