The U.S. Drug Industry

Paper Summary:

This paper attempts to answer the main question regarding the importation of pharmaceutical drugs; namely, whether or not the importation of foreign drugs should be allowed in the United States. For this purpose, the paper first examines the drug market structure in the U.S. and in Canada, with a focus on the existing price differential; it then scrutinizes the pros and cons in the importation debate on both sides of the border; and, in conclusion, it evaluates the merits of the arguments proposed by the drugs industry and by consumer associations.

From the Paper:

"The information technology revolution seems to have caught up with the pharmaceutical industry as a growing number of today's consumers have the ability to use broader and more comprehensive pricing information. The internet has given consumers access to cheaper drugs from Canada and has sparkled a far-reaching debate on U.S. drug companies' pricing policies. On one side, the Food and Drug Administration (FDA) and the pharmaceutical industry claim that foreign drugs do not ascribe to U.S. safety regulations, thereby arguing for limitations on imports; while, on the other, consumer associations require unrestricted access to cheaper foreign produce. To further dilute the issue, Canadian politicians are loath to stop online pharmacies from operation due to strong growth in the sector and high profit margins."

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