A financial perspective on the pharmaceutical industry
DOI:
https://doi.org/10.56782/pps.180Keywords:
Pharmaceuticals, Public Health, Finance, Financial MarketsAbstract
As a result of the epidemics in the world in recent years the importance of the health sector has once again emerged and countries have started to invest more in the health sector. In addition to developed countries, underdeveloped and developing countries are investing more in the health sector and technology and governments are trying to control increasing health expenditures. One of the important and dynamic sub-sectors of the health sector is the pharmaceutical sector. States and international companies are investing more in the pharmaceutical sector in order to combat the epidemics in recent years and are conducting more R&D studies by utilizing the developing technology. In this study in the light of the data published by the OECD, it is examined whether there is a similar relationship between the change in the share of health expenditures in the GNP (Gross National Product) of OECD countries between 2010 and 2022 and the change in the size of the pharmaceutical sector in OECD countries. The change in the size of the pharmaceutical sector and the change in the share of health expenditures in GNP have not yielded similar results in each OECD country. It is thought that different factors such as demographic characteristics, geographical location and economic conditions of countries should be taken into consideration when evaluating the relationship between these two variables.
Downloads
References
Yumuşak,. İ.G.; Yıldırım, D. Ç. Sağlık Harcamaları İktisadi Büyüme İlişkisi Üzerine Ekonometrik Bir İnceleme. Bilgi Ekonomisi ve Yönetimi Dergisi 2009, 4(1), 57-70.
Mutlu, A. ; Işık, A. Sağlık Ekonomisine Giriş. Ekin Yayınları: Bursa, Türkiye, 2005, ISBN 9786055335991
Bölükbaşı, N.; Işık, H.; Söyler, S. OECD Ülkelerinde İlaç Harcamaları ile Sağlık Harcamaları. Hekim ve Hemşirelik Mezunları Arasındaki İlişkilerin İncelenmesi. Ekonomi İşletme Siyaset ve Uluslararası İlişkiler Dergisi (JEBPIR). 2020, 6, 223-231.
Wainwright, D. The Changing Face of Medical Sociology. A Sociology of Health. SAGE Publications: London, United Kingdom, 2008, ISBN 9781412921589 DOI: https://doi.org/10.4135/9781446213575
Özdemir, B. Türkiye'de İlaç Pazarının Analizi ve Ekonomi Üzerine Etkisi. Niğde: Niğde Ömer Halisdemir Üniversitesi. Sosyal Bilimler Enstitüsü. Türkiye, 2019.
Mikulic, M. Global Pharmaceutical Industry - Statistics & Facts. Available online: https://www.statista.com/topics/1764/global-pharmaceutical-industry/#topicOverview. (Date of Access: 2024-01-15)
Zhang, W. Pharmaceutical industry in China - statistics & facts. Available online: https://www.statista.com/topics/5001/pharmaceutical-industry-in-china/#topicOverview. (Date of Access: 2024-01-01)
Salib, V. Comparing Global Pharmaceutical Markets: US. UK. and China. Pharmanews Intelligence 07.02.2023. Available online: https://pharmanewsintel.com/features/comparing-global-pharmaceutical-markets-the-us-uk-and-china. (Date of Access: 2023-12-18)
Hernandez, I.; San-Juan-Rodriguez, A; Good, C. B.; Gellad, W. F. Changes in List Prices. Net Prices and Discounts for Branded Drugs in the US, 2007–2018. JAMA 2020, 323(9), 854-862. DOI: 10.1001/jama.2020.1012 DOI: https://doi.org/10.1001/jama.2020.1012
Kapczynski, A. The Political Economy of Market Power in Pharmaceuticals. J. Health Polit. Policy Law. 2023, 48(2), 215-239. DOI: 10.1215/03616878-10234184 DOI: https://doi.org/10.1215/03616878-10234184
Gostin, L. O. Biden’s Plan to Vaccinate the World Won’t Work. Here’s a Better One. Washington Post. 27. 09. 2021. Available online: https://www.washingtonpost.com/outlook/2021/09/27/biden-vaccines-globe-inequity-donations/.[Date of Access: 2023-12-30]
Vogler, S.; Habl, C; Leopold, C; Mazag, J,; Morak, S.; Zimmerman, N. PHIS Pharmaceutical Health Information system. Hospital Pharma Report 2010. 05 .2010. Available online: https://webgate.ec.europa.eu/chafea_pdb/assets/files/pdb/2007333/2007333_phis_hospital_pharma_rep. (Date of Access: 2024-01-01).
Carone, G.; Schwierz, C.; Xavier, A. Cost-containment Policies in Public Pharmaceutical Spending in the EU. Economic Papers 2012, 461. Available online: https://ec.europa.eu/economy_finance/publications/economic_paper/2012/pdf/ecp_461_en.pdf.(Date of Access:2024-01-01) DOI: https://doi.org/10.2139/ssrn.2161803
Kanavos, P.; Seeley, L.; Vandoros, S. Tender Systems for Outpatient Pharmaceuticals in the European Union: Evidence from the Netherlands, Germany and Belgium. 10.2009. Available online: https://www.politico.eu/wp-content/uploads/2019/02/Tender-systems-for-outpatient-pharmaceuticals-in-the-EU.pdf. [Date of Access: 2024-01-01]
Garcia-Goni, M. Rationalizing Pharmaceutical Spending. 2022. Available online: https://www.elibrary.imf.org/view/journals/001/2022/190/article-A001-en.xml?ArticleTabs=fulltext. eISBN: 9798400219849 [Date of Access: 2024-01-01] DOI: https://doi.org/10.5089/9798400219849.001
Danzon, P. M.; Mulcahy, A. W. ; Towse, A. K. Pharmaceutical Pricing in Emerging Markets: Effects of Income, Competition. and Procurement. Health Economics 2015, 24(2), 238-252. DOI: 10.1002/hec.3013 DOI: https://doi.org/10.1002/hec.3013
Wirtz, V. J.; Hogerzeil, H. V.; Gray, A. L.; Bigdeli, M.; De Joncheere, C. P.; Ewen, M. A. Essential Medicines for Universal Health Coverage. The Lancet 2017, 389(10067), 403-476. DOI: https://doi.org/10.1016/S0140-6736(16)31599-9
Bonnifield, R. S.; Keller, J. M.; Glasman, A.; Chalkidaou, K. Tackling the Triple Transition in Global Health Procurement. Center for Global Development Reports 2019. Available online: https://www.cgdev.org/better-health-procurement (Date of Access: 2024-01-01]
Kaplan, A. W.; Ritz, L. S.; Vitello, M.; Wirtz, V. J. Policies to promote use of generic medicines in low and middle income countries: a review of published literature, 2000-2010. Health Policy 2012, 106(3), 211-224. DOİ: 10.1016/j.healthpol.2012.04.015 DOI: https://doi.org/10.1016/j.healthpol.2012.04.015
Hoen, E. The global politics of pharmaceutical monopoly power. Drug patents, access, innovation and the application of the WTO Doha Declaration on TRIPS and Public Health. AMB Publishers, Diemen, The Netherlands, 2009. ISBN 97890 79700 06 6
Kesselheim, A. S.; Avorn, J.; Sarpatwari, A. The High Cost of Prescription Drugs in the United States: Origins and Prospects for Reform. JAMA, 2016, 316(8), 858-871. DOİ: 10.1001/jama.2016.11237 DOI: https://doi.org/10.1001/jama.2016.11237
Mulcahy, A. W.; Whaley, C. M.; Gizaw, M.; Schwam, D.; Edenfield, N.; Becerra-Ornelas, A. U.International Prescription Drug Price Comparisons: Current Empirical Estimates and Comparisons with Previous Studies. RAND Corporation: Research Report 2021. DOI: https://doi.org/10.7249/RR2956. Available online: https://www.rand.org/pubs/research_reports/RR2956.html. (Date of Access:2023-12-29)
IMF. World Economic Outlook Slowing Growth, Rising Risks. (September 2011). Washington. Available online: https://www.imf.org/en/Publications/WEO/Issues/2016/12/31/Slowing-Growth-Rising-Risks. (Date of Access: 2023-12-16).
OECD.Stat. Available online: https://stats.oecd.org/index.aspx?r=756968&lastaction=login_submit#. (Date of Access: 2023-12-26).
Downloads
Published
Issue
Section
License
Copyright (c) 2024 Yunus Emre Kahraman, Yılmaz Çalışkan
This work is licensed under a Creative Commons Attribution 4.0 International License.
For all articles published in Prospects in Pharmaceutical Sciences copyright is retained by the authors. The journal publishes articles in the Open Access policy, within the CC BY 4.0 licence.
This is a human-readable summary of (and not a substitute for) the license. Disclaimer.
You are free to:
Share — copy and redistribute the material in any medium or format
Adapt — remix, transform, and build upon the material for any purpose, even commercially.
The licensor cannot revoke these freedoms as long as you follow the license terms.
Under the following terms:
Attribution — You must give appropriate credit, provide a link to the license, and indicate if changes were made. You may do so in any reasonable manner, but not in any way that suggests the licensor endorses you or your use.
No additional restrictions — You may not apply legal terms or technological measures that legally restrict others from doing anything the license permits.
Notices:
You do not have to comply with the license for elements of the material in the public domain or where your use is permitted by an applicable exception or limitation.
No warranties are given. The license may not give you all of the permissions necessary for your intended use. For example, other rights such as publicity, privacy, or moral rights may limit how you use the material.
How to Cite
