Features of the demand side Sample Clauses

Features of the demand side. The demand side of the sector is characterized by the Final Report as “rather unique”114. On one hand, typical and mass consumers are not in a position to evaluate properly the pharmaceutical products because of lack of medical and pharmacological knowledge. Their “decisions” what drug to buy largely depend on the doctors` prescriptions and pharmacists, especially when the latter are allowed to substitute the prescription medicine. On the other hand, the price for prescription drugs is not always borne by the end consumes themselves. The price, or part of it, is paid by state or private health insurers, which actually negotiate it with the manufacturers (originator and generic companies)115, in accordance with the price system implemented by the government. Therefore, the beneficiary of the medicinal products – the patient – is not actually the typical end user who chooses what and at what price to buy. Patients cannot substitute drugs and suppliers of drugs, or they cannot do it with the same ease as in other sectors. Thus, the demand side of the pharmaceutical sector differs significantly from the normal standard of demand in other sectors of economy where consumers evaluate, buy and substitute goods. The demand substitutability as a competitive constraint is not the same “most immediate and effective disciplinary force on the suppliers”116. Hence, prices for medicine products are more determined by the interaction between intermediaries like the state and health insurer, on one side, and pharmaceutical companies, on the other, as well as by the competition on the supply side between originators themselves and between them and generic manufacturers. Originator companies are heavily involved in research and development. However, investing time and money in innovation of new pharmaceuticals is reasonable for companies only when their new products will be shielded by intellectual property law and patent law, in particular. This is beacuse the costs of development of a new drug are enormous, really successful medicines are few and there is a long time between obtaining a patent and market the patented product117.
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