Pharmaceutical Price Convergence In The EU : Preliminary Results From The Panel Data Unit Root Test

This paper explores the case of market integration and price convergence in the European Union, specifically in the pharmaceutical industry. The EU has been experiencing market integration since 1992, through the removal of trade barriers, the establishment of a single market, and the reduction of exchange rate volatility. In addition, there have been several structural reforms in product markets designed to increase competition, monitor cross-country price differences and increase transparency. One anticipated effect of market integration is price convergence, because of the reduced potential for price discrimination across the EU. This paper is aimed to analyze market integration and price convergence in the European pharmaceutical market, which is the fifth largest industry in the EU. Since 1985, many EU directives have been adopted to achieve a single EU-wide pharmaceutical market, with the aim of enhancing the quality of life for European citizens and the European pharmaceutical industrys competitiveness and research and development capability. Using annual 19942003 IMS Health panel data from five EU countries on prices of drugs used to treat cardiovascular disease and controlling drug and market characteristics; this paper examines how the integration process has affected cross-country drug price dispersion in the EU through the preliminary results from the panel data unit root test. Finally, the results show some evidence of price convergence in the pharmaceutical market, with long term price differences arising from country fixed effects

Regulating The Pharmaceutical Industry In The European Union: A Dilemma Of Achieving A Single Market

Pharmaceutical pricing and reimbursement regulations create a dilemma to achieve a single pharmaceutical market in the European Union (EU). Although considerable progress has been made in the past years in harmonization of the pharmaceutical markets, the pricing decisions or systems have continued to be operated on a national basis, which results in price differences across the member states. These price differences create opportunity for parallel trade which, in combination with the EU single market principle calling for the free movement of goods, could lead to reduction in price differences. Among the harmonization efforts by the European Commission, national decisions on pricing and controls, plus parallel trade dilemma, we attempt to analyze the bilateral drug price differences using a sample of countries that represent from strict to relatively less pharmaceutical regulations. Almost all member countries regulate pharmaceutical prices, either directly or indirectly, in the EU, which creates less or more price differences despite market integration. This paper is simply aimed at analyzing price differences in the European pharmaceutical market, employing annual 1994–2003 IMS Health Data from five EU countries (Germany, the United Kingdom, France, Italy and Spain) on prices of molecules used to treat cardiovascular disease. The analysis includes a two step approach. First, we calculate the common use of Laspeyres and Paasche weighted price and quantity indices to make comparisons for both bilaterally matched molecules (considering Spain as the base country) and diffused molecules that are available for five countries. Second, we adopt a hedonic price regression to control observable quality and market characteristics and then re-analyze price differentials. The study concludes that price differences still exist, but are decreasing over time. Even though the results are sensitive to sample and methods used, we found implicit evidence that harmonization efforts by the European Commission may ease reducing price differences in the long run, but it should not be interpreted as moving toward complete elimination of price differences due to complexities in this industry

Phase I - Report I

This community profile is prepared in support of the Neighborhood Health Clinic, a nonprofit clinic located in Naples, Florida, in Collier County. The Clinic serves employed, uninsured individuals in Collier County. Currently, the clinic is considering expanding their physical location, which would enable the organization to offer a more comprehensive list of services than what can currently be provided

Phase II: Comparative Counties Study

Phase II of the Comparative Counties Study includes best practices in business climate retention, development, attraction and reverse investment. The information included in the report is based on objective primary research collected from other communities. The scope of this report pinpoints best practices that demonstrate how public-private sectors can harmoniously and positively manage and grow business climate

Property Management Industry Analysis

This study was designed to demonstrate a practical application of micro economic level industry analysis for the students in the Summer 2007 Microeconomic Course. The students learned how to collect information, develop methodology, analyze findings and conclude results. These students experienced a closer look at a real-world business study. The intent is that this cumulative work also help the research participants identify major industry characteristics in the area of Property Management in Lee and Collier counties

Pharmaceutical Price Convergence In The EU: Preliminary Results From The Panel Data Unit Root Test

This paper explores the case of market integration and price convergence in the European Union, specifically in the pharmaceutical industry. The EU has been experiencing market integration since 1992, through the removal of trade barriers, the establishment of a single market, and the reduction of exchange rate volatility. In addition, there have been several structural reforms in product markets designed to increase competition, monitor cross-country price differences and increase transparency. One anticipated effect of market integration is price convergence, because of the reduced potential for price discrimination across the EU. This paper is aimed to analyze market integration and price convergence in the European pharmaceutical market, which is the fifth largest industry in the EU. Since 1985, many EU directives have been adopted to achieve a single EU-wide pharmaceutical market, with the aim of enhancing the quality of life for European citizens and the European pharmaceutical industry’s competitiveness and research and development capability. Using annual 1994–2003 IMS Health panel data from five EU countries on prices of drugs used to treat cardiovascular disease and controlling drug and market characteristics; this paper examines how the integration process has affected cross-country drug price dispersion in the EU through the preliminary results from the panel data unit root test. Finally, the results show some evidence of price convergence in the pharmaceutical market, with long term price differences arising from country fixed effects

Regulating The Pharmaceutical Industry In The European Union: A Dilemma Of Achieving A Single Market

Pharmaceutical pricing and reimbursement regulations create a dilemma to achieve a single pharmaceutical market in the European Union (EU). Although considerable progress has been made in the past years in harmonization of the pharmaceutical markets, the pricing decisions or systems have continued to be operated on a national basis, which results in price differences across the member states. These price differences create opportunity for parallel trade which, in combination with the EU single market principle calling for the free movement of goods, could lead to reduction in price differences. Among the harmonization efforts by the European Commission, national decisions on pricing and controls, plus parallel trade dilemma, we attempt to analyze the bilateral drug price differences using a sample of countries that represent from strict to relatively less pharmaceutical regulations. Almost all member countries regulate pharmaceutical prices, either directly or indirectly, in the EU, which creates less or more price differences despite market integration. This paper is simply aimed at analyzing price differences in the European pharmaceutical market, employing annual 1994–2003 IMS Health Data from five EU countries (Germany, the United Kingdom, France, Italy and Spain) on prices of molecules used to treat cardiovascular disease. The analysis includes a two step approach. First, we calculate the common use of Laspeyres and Paasche weighted price and quantity indices to make comparisons for both bilaterally matched molecules (considering Spain as the base country) and diffused molecules that are available for five countries. Second, we adopt a hedonic price regression to control observable quality and market characteristics and then re-analyze price differentials. The study concludes that price differences still exist, but are decreasing over time. Even though the results are sensitive to sample and methods used, we found implicit evidence that harmonization efforts by the European Commission may ease reducing price differences in the long run, but it should not be interpreted as moving toward complete elimination of price differences due to complexities in this industry

Collier County Business Climate Survey 2014

Hodges University, in collaboration with the Greater Naples Chamber of Commerce, conducted the Collier County Business Climate Survey in December 2013. The survey was designed to assess key executives’ perception of the overall business conditions in Collier County, to identify key concerns and issues facing existing businesses in Collier County, and to help predict future trends and expectations for growth. The Chamber will use this information in conjunction with many alliances to improve the business climate and to help existing businesses

Demographic and Economic Indicators of the Hispanic Communities in Lee and Collier Counties

The main goal of the Hispanic Institute’s first research project is to establish a base line of information about the Hispanic community in Lee and Collier counties. This report is aimed at providing an up-to-date socioeconomic profile of the diverse Hispanic Community in Lee and Collier counties and generating a comprehensive comparative historical overview of a variety of data on population, national origin, age, gender, education, employment, income and household composition. To this end, this report seeks to present useful information to a range of individuals and organizations concerned with issues that impact the Hispanic community: policy-makers, Hispanic leaders, advocates, community organizations, businesses, and the media