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Competition and the Reference Pricing Scheme for pharmaceuticals.

Simone Ghislandi¹

¹ECONPUBBLICA, Department of Institutional Analysis and Public Management, Bocconi University, Via Roentgen 1, 20136, Milan, Italy. simone.ghislandi@unibocconi.it

Journal of Health Economics

|September 23, 2011

Summary

Competition and reference pricing strategies are explored. Optimal pricing under a reference pricing scheme requires the reference price to be independent of branded products for efficient competition, especially when generics collude.

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Area of Science:

Health Economics
Pharmaceutical Policy
Market Competition

Background:

Reference Pricing Schemes (RPS) are used to control healthcare costs.
The impact of market competition, particularly from generic drugs, on pricing strategies under RPS is not fully understood.

Purpose of the Study:

To analyze the effects of competition on optimal pricing strategies within a Reference Pricing Scheme (RPS).
To determine the conditions under which efficient pricing equilibria exist in a competitive market with generic drugs under RPS.

Main Methods:

A two-stage, infinitely repeated game model was developed.
The model incorporates 'n' firms with infinite cross-price elasticity (generic drugs).
Analysis focuses on equilibrium existence and efficiency under different reference price (R) designs.

Main Results:

An efficient pure strategy equilibrium exists only if the reference price (R) is independent of the branded product's price.
The design of R is critical for the stability of generic drug cartels and collusive pricing.
An optimal RPS design links R solely to the generic drug market side.

Conclusions:

Reference pricing schemes should incentivize competition by setting reference prices based on generic drug prices.
RPS design is a key determinant of market stability and pricing outcomes in the presence of generic competition.