Industry Research Completion. provide an Economic Profile of the Industry You Have Researched. In Your Paper, Discuss How the Following Impact the Industry.

Industry research completion Axia College of University of Phoenix The drugstore grocery store is among the industries that have a tremendous impact on the parsimony and the well-being of the population of our country. Pharmacies are active in the grocery for drugs. This market has special attri barelyes which make it so contrasting from some other markets; for instance, patients or final consumers are non tout corps de b all(prenominal)et responsible for the choices they made because they have been advised by their victor care physicians to take a drug or conclave of medicines. (Study of restrictive restrictions in the bailiwick of pharmacies, 2008) The fact that consumers can preclude some other stack from using the drugs and diminishing another persons mogul to use it makes this a resource that is both rival and excludable; another important characteristic of this market is that consumers often do not cover the damage of the drugs themselves but are relying on health insurance or government assistance. (Study of regulative restrictions in the field of pharmacies, 2008) The drug market is prone to so many market failures that has forced the government to intervene hard at all levels of the supply chain; some of the overbearing consequences of government discourse are accessibility, charge and quality of medicines.

The drug market is characterized by high investment in research and development of recent drugs, which are defend by intellectual property rights; in order for a manufacturer to attain a stipendiary level in the drug market the medicines are protect by patents which rest! ricts competitors from free riding on the inventors discovery; in time patents impose entry barriers that creates a natural but working(prenominal) monopoly for the drug producers. This monopoly leads to inefficient legal injury levels, which in some countries the price received by producers of drugs in subject to price regulation. (Study of regulatory restrictions... If you want to get a full essay, order it on our website: BestEssayCheap.com

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