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100 1 a| Santerre, Rexford E.=| ^A960597;

245 10 a| Assessing consumer gains from a drug price control policy in the U.S.h| [electronic resource] /c| Rexford E. Santerre, John A. Vernon.;

260 a| Cambridge, MA :b| National Bureau of Economic Research,;

490 1 a| NBER working paper series ;v| working paper 11139;

500 a| Title from PDF file as viewed on 2/24/2005.;

504 a| Includes bibliographical references.;

506 a| Available only to authorized users.;

520 3 a| "This paper uses national data for the period 1960 to 2000 to estimate an aggregate private consumer demand for pharmaceuticals in the U.S. The estimated demand curve is then used to simulate the value of consumer surplus gains from a drug price control regime that holds drug price increases to the same rate of growth as the general consumer price level over the time period from 1981 to 2000. Based upon a 7 percent real interest rate, we find that the future value of consumer surplus gains from this hypothetical policy would have been $319 billion at the end of 2000. According to a recent study, that same drug price control regime would have led to 198 fewer new drugs being brought to the U.S. market over this period. Therefore, we approximate that the average social opportunity cost per drug developed during this period to be approximately $1.6 billion. Recent research on the value of pharmaceuticals suggests that the social benefits of a new drug may be far greater than this estimated social opportunity cost"--National Bureau of Economic Research web site.;

530 a| Also available in print.;

538 a| Mode of access: World Wide Web;

650 0 a| Consumer protectionz| United States.=| ^A25301;

650 0 a| Drug developmentx| Economic aspectsz| United States.=| ^A443888;

655 0 a| Electronic books.=| ^A491897;

700 1 a| Vernon, John A.?| UNAUTHORIZED;

710 2 a| National Bureau of Economic Research.=| ^A186;

830 0 a| Working paper series (National Bureau of Economic Research : Online) ;v| working paper no. 11139.?| UNAUTHORIZED;

856 40 z| Full text available from NBER Working Papersu| https://go.openathens.net/redirector/ecu.edu?url=https%3A%2F%2Fdx.doi.org%2F10.3386%2Fw11139;

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Assessing consumer gains from a drug price control policy in the U.S. / Rexford E. Santerre, John A. Vernon.

Author/creator	Santerre, Rexford E.
Other author	Vernon, John A.
Other author	National Bureau of Economic Research.
Format	Electronic
Publication Info	Cambridge, MA : National Bureau of Economic Research,
Supplemental Content	Full text available from NBER Working Papers
Subjects	Consumer protection--United States. Drug development--Economic aspects. --United States. Drugs--Prices. --Government policy. --United States.

Series	NBER working paper series ; working paper 11139 Working paper series (National Bureau of Economic Research : Online) ; working paper no. 11139. UNAUTHORIZED
Summary	"This paper uses national data for the period 1960 to 2000 to estimate an aggregate private consumer demand for pharmaceuticals in the U.S. The estimated demand curve is then used to simulate the value of consumer surplus gains from a drug price control regime that holds drug price increases to the same rate of growth as the general consumer price level over the time period from 1981 to 2000. Based upon a 7 percent real interest rate, we find that the future value of consumer surplus gains from this hypothetical policy would have been $319 billion at the end of 2000. According to a recent study, that same drug price control regime would have led to 198 fewer new drugs being brought to the U.S. market over this period. Therefore, we approximate that the average social opportunity cost per drug developed during this period to be approximately $1.6 billion. Recent research on the value of pharmaceuticals suggests that the social benefits of a new drug may be far greater than this estimated social opportunity cost"--National Bureau of Economic Research web site.
General note	Title from PDF file as viewed on 2/24/2005.
Bibliography note	Includes bibliographical references.
Access restriction	Available only to authorized users.
Other forms	Also available in print.
Technical details	Mode of access: World Wide Web
Genre/form	Electronic books.
LCCN	2005616717

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Assessing consumer gains from a drug price control policy in the U.S. / Rexford E. Santerre, John A. Vernon.

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