Industry Research Completion. provide an Economic Profile of the Industry You Have Researched. In Your Paper, Discuss How the Following Impact the Industry.

Industry research completion Axia College of University of Phoenix The drugstore market placeplaceplace is among the industries that have a tremendous impact on the scrimping and the well-being of the population of our country. Pharmacies are active in the market for drugs. This market has special attri stilles which make it so contrasting from new(prenominal) markets; for instance, patients or final consumers are non tout corps de b in allet responsible for the choices they made because they have been advised by their authentic care physicians to take a drug or confederacy of medicines. (Study of restrictive restrictions in the issue of pharmacies, 2008) The fact that consumers can oppose other stack from using the drugs and diminishing another persons energy to use it makes this a resource that is both rival and excludable; another important characteristic of this market is that consumers often do not cover the damage of the drugs themselves but are relying on wellness insurance or government assistance. (Study of restrictive restrictions in the field of pharmacies, 2008) The drug market is prone to so many market failures that has forced the government to intervene hard at all levels of the supply chain; some of the overbearing consequences of government preventive are accessibility, charge and quality of medicines.

The drug market is characterized by high investment in research and development of groundbreaking drugs, which are defend by intellectual property rights; in order for a manufacturer to attain a profitable level in the drug ma rket the medicines are saved by patents whic! h restricts competitors from free riding on the inventors discovery; in time patents impose entry barriers that creates a natural but working(prenominal) monopoly for the drug producers. This monopoly leads to inefficient damage levels, which in some countries the price received by producers of drugs in subject to price regulation. (Study of regulatory restrictions... If you want to get a full essay, order it on our website: BestEssayCheap.com

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