Generic Drug Pricing Assignment Help
Using the New York Times article, "Defiant, Generic Drug Maker Continues to Raise Prices" conduct further research on the pricing strategies of generic drug manufacturers. In 600 words, analyze the pricing strategies and discuss the following:
1. Discuss the pricing decisions of generic drug manufacturers.
2. Evaluate the impact competitors and additional economic factors have on the results of the generic drug pricing strategies. What factors contribute to the advantages and disadvantages of various pricing strategies?
3. Discuss the social and financial implications of generic drug pricing decisions for various groups of stakeholders. What would be the socially optimum pricing strategy for the United States? What would be the socially optimum pricing strategy globally?
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Pricing Decision of Generic Drug Manufacturers
The focus is on the entire pharmacy industry which has a major impact on the inflation of drug prices. The generic means that there have been no branding names or the trademark which are directly associated for the specific items (Acklin, 2010). There have been manufacturers who are questioning for the drug prescription. Here, the specifications are not needed from patients. This is for the manufacturing of the drug which is generic.
Competitor Impact and Additional Economic Factors on Pricing Strategies
The generic drug manufacturing process is about the factors to pay complete attention to the pricing for the different prescription standards (Froeb et al., 2016). The competition is set within the generic drug practices and the marketing prices that tends to remain low. Hence, the manufacturer need to stake the claims about the generic field prescription which is ideally for joining the market in the time of six months till the patent is released completely.
Advantages and Disadvantages of Various Pricing Strategies
The companies need to focus on the specific market for the generic drugs which could also lower the pricing prescription. Hence, the companies need to work on the specific market standards where the competitive forms involves the pricing that tends to fall in a market for the two manufacturers (Kvesic, 2008). It is mainly costly than the generic prescriptions and also falls under the market with the six manufacturers. The manufacturing needs to work on handling the market categories with the focus on the handling of the prescriptions and their selling. There are brand name prescriptions for creating a better company revenue and planning about how the manufactures are able to handle the six-market category. This is the major disadvantage where one has to work on the consumption with the lower pricing.
Social and Financial Implications of Generic Drug Pricing Decision for Various Groups of Stakeholders
If the pricing of the generic drugs tends to increase, then the healthcare costs will also increase that will lead to the less affordability of the services. The generic standards includes the formulation for the specific name brand counterparts where the waiting is till the time is set for raising the prices (Morgenson, 2017). The generic brands are largely for the equal competitor with name brand manufacturing once the patent is removed. Considering the financial standards, the analyst, David Maris, has been focusing on the standards for the healthy generic market with the market that tends to stay health with competitive standards and the generic drug pricing that is found to be relatively low as well.
Socially Optimum Pricing Strategies for the United States and other Countries
There have been standards related to the areas of the generic drug manufacturing which needs to be watched when the patent for the specific name of the brand tend to expire. Hence, the different markets need to set the world, through watching the details and how one is able to work with pushing for the drugs and then join the market. The social optimal pricing is based on the marketing strategy with the generic drug or the brand loyalty which is defined at a lower pricing and the overtime is seen to be gradually increasing with the prices. This also leads to the increase and raise of the profit overtime. There have been market standards, with the generic drugs in US and globally (Ornstein & Thomas, 2017). The pricing is depending upon how the companies are able to work on the specific drug market procedures. Here, the manufactures also need to work on handling the cheaper costs for the consumers so that the generic drug manufacturers will have an ample market.
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