Product or Service Supplied
The product supplied to patients is generic pharmaceuticals. “A generic drug is a pharmaceutical drug which is equivalent to a brand-name product in dosage, route of administration, strength, quality, Kinetics, and its intended use. It may also refer to any drug which is marketed under its chemical name without advertising” (Moin, 2016). The importance to the customer is an issue of affordability: the patient has to incur fewer out of pocket expenses in order to pay for crucial prescriptions in order to fulfill the needs of their chronic diseases or conditions. Generic drugs are essentially the ones that are comparable to their brand-name twins. “They are comparable in terms of the dosage, effectiveness, and intended use. Generics are important because they are essentially a less-expensive alternative to their brand-name counterparts. This, of course, is expected to be important to those who are ultimately picking up the tab, governments, who are the biggest purchasers of health care, insurance companies, and individuals”(VanEck, 2016). It’s thus important for consumers and for leaders within the government to have options when it comes to prescription drugs and these options need to be viable ones. They need to work as good as their full-priced counterparts. Otherwise, it just trifles with consumers.
Market Structure
The market structure of generic pharmaceuticals at once revolves name brand pharmaceuticals and being able to offer inexpensive alternatives to their pricier predecessors. One example of this trend is with the drug Lipitor, intended to be used for the fight against cholesterol. Initially this drug sold for around $3.50 though when the generic versions emerged a year later, the price difference was dramatic: these doses were priced at around .50 cents. “A report by the IMS Institute for Healthcare Informatics for the Generic Pharmaceutical Association estimated that consumer savings from generic drug uptake were nearly $240 billion in 2013” (VanEck, 2016). These savings demonstrate how important generic drugs are to the entire pharmaceutical business and the healthcare industry as a whole. While it would be nice of there was a generic version of every drug on the market, the reality is that when new drugs are approved and given a spot on the marketplace, this is usually with a timeframe of patent protection and overall...
healthcare industry/medical laboratories. As the conditions change and new information becomes available, one can easily realize that this industry has many components that drive it. Prices As demand for laboratory services is rather inelastic, laboratories can establish prices as they deem appropriate. Reimbursement for services is limited, however, by contracts which the laboratory holds with various healthcare plans (Daron 2008). These healthcare plans, including Medicare and Medicaid, will negotiate reimbursement fees
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