文章基本信息

标题：Price Regulation and Parallel Imports of Pharmaceuticals
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作者：Kurt R. Brekke ; Tor Helge Holmås ; Odd Rune Straume 等
期刊名称：Discussion Papers / Norwegian School of Economics and Business Administration
印刷版ISSN：0804-6824
出版年度：2014
卷号：2014
出版社：Bergen
摘要：This paper studies the e¤ects of price regulation and parallel imports in the on-patent pharmaceutical market. First, we develop a theory model in which a pharmacynegotiates producer prices with a brand-name rm and then sets retail prices. We showthat the e¤ects of price regulation crucially depend on whether the producer facescompetition from parallel imports. While parallel imports improve the bargainingposition of the pharmacy, price regulation counteracts this e¤ect and may even beprotable for the producer. Second, we use a unique dataset with information onsales and prices at both producer and retail level for 165 substances over four years(2004-7). Exploiting exogenous variation in the regulated price caps, we show thatstricter price regulation reduces competition from parallel imports. While the e¤ectis clearly negative on producer prots for substances without parallel imports, thee¤ect is not signicant for substances with parallel imports. Finally, we show thatstricter price regulation reduces total expenditures, but the e¤ect is much stronger forsubstances with parallel import. Thus, our results suggest that price regulation maypromote both static and dynamic e¢ ciency in the presence of parallel imports.
关键词：Pharmaceutical market; Price regulation; Parallel imports