Founded on economic principles Essay Example

Founded on economic principles Essay Example Founded on economic principles Paper Founded on economic principles Paper The objective of Lu and Comanor’s study is to investigate on the factors that affect the prices of pharmaceutical products at their introduction to the market throughout their life cycle. Their work was founded on economic principles and supported by a regression analysis of empirical data on new drugs introduced from 1978 to 1987. Data on the new molecular entities that were introduced before 1984 were sourced from the Food and Drug Administration (1985), while the rest were from a study of drugs lags between the United States and the United Kingdom. The drugs used as part of the empirical data were subject to the FDA ratings, wherein Class A represented drugs that provided valuable therapeutic gain, Class B were drugs that were modestly effective, and Class C were drugs that gave little or no therapeutic benefits. : One of the main findings was the therapeutic significance of the pharmaceutical products was directly proportional to its launch price. In fact, Class A and B drugs were launched into the market at a premium while most of Class C drugs were at a discount. These findings satisfied previous research, such as Reekie’s (1978). According to Reekie, drugs that were therapeutically advanced were priced higher than substitutes already in the market while imitators cost cheaper. This pricing behavior has led Reekie to conclude that an even price competition in the market cannot be completely possible due to the presence of such advanced patented drugs. He observed, however, that through time, prices of these advanced drugs decline while those of generic or imitation drugs increased (Lu Comanor 108, 111). The empirical data also reveal, Class A drugs have the least imitators while Class C drugs have the most. But despite the production of these supposed imitators, the rate of imitation is not as rampant as those in other industries. In fact, branded rivals still thrive in the market and they cause the decline in the launch prices of fellow innovative drugs, whereas generic substitutes produce the opposite effect. This pricing behavior reflects the findings Dean’s (1969) study wherein he defines two (2) pricing techniques for new products, namely skimming and penetration pricing. Skimming pricing is positioning new advanced therapeutic products at premium prices that eventually decline, and penetration pricing is introducing less innovative products at lower prices and raising them over time. In essence, results of the study show that advanced therapeutic products enter the market under skimming pricing while imitation and other less innovative drugs do so under penetration pricing (Lu Comanor 108, 111). Aside from the pricing strategies, it was interesting to learn how the nature of the diseases also serves as price determinants for the drugs intended to treat them. According to the text, the repurchase or sustainability in demand for the drugs is, somehow determined by whether it is used for acute or chronic cases. So for drugs that are intended for chronic cases, such as those of the elderly, the strategy applied is more price-sensitive. This aspect of the pricing strategy is interesting in that aside from following the dynamics of price and demand, it benefits consumers that continuously need such therapeutic products for their health. While the text effectively incorporates economic principles with the technicalities of the pharmaceutical industry, the discussion on pricing would have been more substantial if the cost side of the products were also considered. As prices of drugs and other health instruments are often topics of debate, it would have been more interesting if the text broadened the discussion to include the price structure of the products and a forecast on the direction of the pharmaceutical industry during this time when the health crises is most prevalent. Reference Lu, John Z., and Comanor, William S. Strategic Pricing of New Pharmaceuticals The Review of Economics and Statistics, Vol. 80, No.1 (Feb., 1998), 108-118

Thomas Hardy Quotes From Tess of the dUrberville

Thomas Hardy Quotes From 'Tess of the d'Urberville' Tess of the dUrberville is a tragedy. The novel details the loss of innocence and the ultimate destruction of a young girl. The novel was one of the last novels by Thomas Hardy, who is also famous for Jude the Obscure. Here are a few quotes from Tess of the dUrberville. I dont know; but I think so. They sometimes seem to be like the apples on our stubbard-tree. Most of them splendid and sound - a few blighted.- Thomas Hardy, Tess of the dUrberville, Chapter 4 I wont sell his old body. When we dUrbervilles was knights in the land, we didnt sell our chargers for cats meat. Let em keep their shillings! Heve served me well in his lifetime, and I wont part from him now.- Thomas Hardy, Tess of the dUrberville, Chapter 4 Thus, the thing began. Had she perceived this meetings import she might have asked why she was doomed to be seen and coveted that day by the wrong man, and not by some other man, the right and desired one in all respects...- Thomas Hardy, Tess of the dUrberville, Chapter 5 Out of the frying pan into the fire!- Thomas Hardy, Tess of the dUrberville, Chapter 10 But some might say, where was Tesss guardian Angel? Where was the providence of her simple faith? Perhaps... he was talking, or he was pursuing, or he was in a journey, or he was sleeping and not to be awaked... As Tesss own people down in those retreats are never tired of saying among each other in their fatalistic way: It was to be.- Thomas Hardy, Tess of the dUrberville, Chapter 11 My life looks as if it had been wasted for want of chances! When I see what you know, what you have read, and seen, and thought, I feel what a nothing I am!- Thomas Hardy, Tess of the dUrberville, Chapter 19 I cant bear to let anybody have him but me! Yet it is wrong Tess him, and may kill him when he knows!- Thomas Hardy, Tess of the dUrberville, Chapter 28 Yes; at that dance on the green; but you would not dance with me. O, I hope that is no ill-omen for us now!- Thomas Hardy, Tess of the dUrberville, Chapter 30 you always courting me, and always thinking as much of me as you have done through the past summertime!- Thomas Hardy, Tess of the dUrberville, Chapter 32 You are very good. But it strikes me that there is a want of harmony between your present mood of self-sacrifice and your past mood of self-preservation.- Thomas Hardy, Tess of the dUrberville, Chapter 35 I agree to the conditions, Angel; because you know best what my punishment ought to be; only - only - dont make it more than I can bear!- Thomas Hardy, Tess of the dUrberville, Chapter 37 She would have laid down her life for ee. I could do no more.- Thomas Hardy, Tess of the dUrberville, Chapter 40 You, and those like you, take your fill of pleasure on earth by making the life of such as me bitter and black with sorrow; and then it is a fine thing when you have had enough of that, to think of securing your pleasure in heaven by becoming converted!- Thomas Hardy, Tess of the dUrberville, Chapter 45 How can I pray for you, when I am forbidden to believe that the great Power who moves the world would alter his plans on my account?- Thomas Hardy, Tess of the dUrberville, Chapter 46 You have been the cause of my backsliding, he continued, stretching his arm towards her waist; you should be willing to share it, and leave that mule you call husband forever.- Thomas Hardy, Tess of the dUrberville, Chapter 47 Remember, my lady, I was your master once! I will be your master again. If you are any mans wife you are mine!- Thomas Hardy, Tess of the dUrberville, Chapter 47 O why have you treated me so monstrously, Angel! I do not deserve it. I have thought it all over carefully, and I can never, never forgive you! You know that I did not intend to wrong you - why have you so wronged me? You are cruel, cruel indeed! I will try to forget you. It is all injustice I have received at your hands!- Thomas Hardy, Tess of the dUrberville, Chapter 51 his original Tess had spiritually ceased to recognize the body before him as hers - allowing it to drift, like a corpse upon the current, in a direction disassociated from its living will.- Thomas Hardy, Tess of the dUrberville, Chapter 55 O, you have torn my life all to pieces... made me be what I prayed you in pity not to make me be again!- Thomas Hardy, Tess of the dUrberville, Chapter 56 And the dUrberville knights and dames slept on in their tombs unknowing.- Thomas Hardy, Tess of the dUrberville, Chapter 59