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Network effects and diffusion in pharmaceutical markets : antiulcer drugs

Author: Robert S Pindyck; Pierre Azoulay; Berndt, Ernst R.; National Bureau of Economic Research.
Publisher: Cambridge, MA : National Bureau of Economic Research, ©1999.
Series: Working paper series (National Bureau of Economic Research), working paper no. 7024.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
Abstract: We examine the role of network effects in the demand for pharmaceuticals at both the brand level and for a therapeutic class of drugs. These effects emerge when use of a drug by others conveys information about its efficacy and safety to patients and physicians. This can lead to herd behavior where a particular drug -- not necessarily the most efficacious or safest -- can come to dominate the market  Read more...
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Additional Physical Format: Print version:
Berndt, Ernst R.
Network effects and diffusion in pharmaceutical markets.
Cambridge, MA : National Bureau of Economic Research, ©1999
(OCoLC)41525448
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Robert S Pindyck; Pierre Azoulay; Berndt, Ernst R.; National Bureau of Economic Research.
OCLC Number: 607231372
Reproduction Notes: Electronic reproduction. [S.l.] : HathiTrust Digital Library, 2010. MiAaHDL
Description: 1 online resource (31 pages) : illustrations.
Details: Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002.
Series Title: Working paper series (National Bureau of Economic Research), working paper no. 7024.
Other Titles: Antiulcer drugs
Responsibility: Ernst R. Berndt, Robert S. Pindyck, Pierre Azoulay.

Abstract:

Abstract: We examine the role of network effects in the demand for pharmaceuticals at both the brand level and for a therapeutic class of drugs. These effects emerge when use of a drug by others conveys information about its efficacy and safety to patients and physicians. This can lead to herd behavior where a particular drug -- not necessarily the most efficacious or safest -- can come to dominate the market despite the availability of close substitutes, and can also affect the rate of market diffusion. Using data for H2-antagonist antiulcer drugs, we examine two aspects of these effects. First, we use hedonic price procedures to estimate how the aggregate usage of a drug affects brand valuation. Second, we estimate discrete-time diffusion models at both the industry and brand levels to measure the impact on rates of diffusion and market saturation.

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