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Regulation, generic competition and pharmaceutical prices : theory and evidence from a natural experiment

Brekke, Kurt Richard; Holmås, Tor Helge; Straume, Odd Rune
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dp2007-39.pdf (295.9Kb)
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http://hdl.handle.net/11250/163126
Utgivelsesdato
2007-12
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  • Discussion papers (SAM) [604]
Sammendrag
We study the impact of regulatory regimes on generic competition and pharmaceutical

pricing using a unique policy experiment in Norway, where reference pricing

(RP) replaced price cap regulation in 2003 for a sub-sample of off-patent products.

We exploit a detailed panel dataset at product level covering a wide set of off-patent

drugs before and after the policy reform. Off-patent drugs not subject to reference

pricing serve as our control group. We find that RP leads to lower relative prices, with

the effect being driven by strong brand-name price reductions, and not increases in

generic prices. We also find that RP increases generic competition, resulting in lower

brand-name market shares. Finally, we show that RP has a strong negative effect on

average prices at molecule level, suggesting significant cost-savings.
Utgiver
Norwegian School of Economics and Business Administration. Department of Economics
Serie
Discussion paper
2007:39

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