Price‐cap Regulation, Uncertainty and the Price Evolution of New Pharmaceuticals
研究了限制价格上涨的管制政策如何影响新药价格演变，理论模型表明该政策导致企业对新药初始定价高于预期，不确定性越高，上市后降价可能性越大，并用加拿大数据验证。
This paper examines the effect of the regulations restricting price increases on the evolution of pharmaceutical prices. A novel theoretical model shows that this policy leads firms to price new drugs with uncertain demand above the expected value initially. Price decreases after drug launch are more likely, the higher the uncertainty. We empirically test the model's predictions using data from the Canadian pharmaceutical market. The level of uncertainty is shown to play a crucial role in drug pricing strategies.