Substitutability Between Drugs, Innovation, and Fiscal Policy in the Pharmaceutical Industry
A theoretical model is developed in order to examine and explain the growth and welfare effects of fiscal policies in the pharmaceutical industry. When the fiscal instrument is a tax over pharmaceutical firms' profits, R&D by firms in the pharmaceutical sector results in growth if there is...
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| Veröffentlicht in: | Annals of economics and finance 2015-11, Vol.16 (2), p.273-289 |
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| container_title | Annals of economics and finance |
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| creator | de Mello-Sampayoy, Felipa de Sousa-Vale, Sofia Camões, Francisco |
| description | A theoretical model is developed in order to examine and explain the growth and welfare effects of fiscal policies in the pharmaceutical industry. When the fiscal instrument is a tax over pharmaceutical firms' profits, R&D by firms in the pharmaceutical sector results in growth if there is a generic market. Otherwise, a subsidy over pharmaceutical firms' profits should be considered to generate innovation in medicines. In terms of policy implications, our empirical results suggest that stimulating generic competition in the pharmaceutical sector is a main instrument to contain costs and promote welfare. |
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When the fiscal instrument is a tax over pharmaceutical firms' profits, R&D by firms in the pharmaceutical sector results in growth if there is a generic market. Otherwise, a subsidy over pharmaceutical firms' profits should be considered to generate innovation in medicines. 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| identifier | ISSN: 1529-7373 |
| ispartof | Annals of economics and finance, 2015-11, Vol.16 (2), p.273-289 |
| issn | 1529-7373 |
| language | eng |
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| source | PAIS Index; EBSCOhost Business Source Complete; EZB-FREE-00999 freely available EZB journals |
| subjects | Companies Cost control Costs Drugs Economic development Economic growth Economic models Expenditures Fiscal policy GDP Generic prescribing Generic products Gross Domestic Product Growth models Incentives Innovations Monopolistic competition Pharmaceutical industry Product development Product differentiation Profits R&D Research & development Tax rates Taxation Technological change |
| title | Substitutability Between Drugs, Innovation, and Fiscal Policy in the Pharmaceutical Industry |
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