Principles of Economics Crucial to Pharmacy Students' Understanding of the Prescription Drug Market | Zendy

Gail B. Rattinger | Zendy; Rahul Jain | Zendy; Jing Ju | Zendy; C. Daniel Mullins | Zendy

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Principles of Economics Crucial to Pharmacy Students' Understanding of the Prescription Drug Market

Author(s) -

Gail B. Rattinger,

Rahul Jain,

Jing Ju,

C. Daniel Mullins

Publication year - 2008

Publication title -

american journal of pharmaceutical education

Language(s) - English

Resource type - Journals

SCImago Journal Rank - 0.796

H-Index - 63

eISSN - 1553-6467

pISSN - 0002-9459

DOI - 10.5688/aj720361

Subject(s) - pharmacy , coursework , monopoly , health care , curriculum , medical prescription , marketing , business , public relations , pharmacy school , pharmacy practice , medical education , medicine , economics , nursing , political science , economic growth , market economy

Many pharmacy schools have increased the amount of economics coursework to which pharmacy students are exposed in their prepharmacy and pharmacy curriculums. Students obtain competencies aimed at understanding the basic concepts of microeconomic theory, such as supply and demand. However, pharmacy students often have trouble applying these principles to real world pharmaceuticals or healthcare markets. Our objective is to make economics more relevant for pharmacy students. Specifically, we detail and provide pharmacy-relevant examples of the effects of monopoly power, barriers to marketplace entry, regulatory environment, third party insurance, information asymmetry and unanticipated changes in the marketplace on the supply and demand for pharmaceuticals and healthcare services.

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