Reference Pricing as a Deterrent to Entry: Evidence from the European Pharmaceutical Market
研究了外部参考定价政策如何导致制药企业延迟在低收入欧洲国家推出新药，发现每款药物平均延迟近一年，并提出通过一次性转移支付消除延迟的方案。
External reference pricing (ERP), the practice of benchmarking domestic drug prices to foreign prices, generates an incentive for firms to withhold products from low-income countries. Using a novel moment inequality approach, we estimate a structural model to measure how ERP policies affect access to innovative drugs across Europe. We find that ERP increases entry delays in eight low-income European countries by up to one year per drug. The European Union could remove these delays without replacing ERP by compensating firms through lump-sum transfers at the cost of around €18 million per drug.