Ashford University Pharmaceutical Industry Discussion
1)Prior to beginning work on this discussion, read the following two articles: John Funk’s The Ethics of Big Data: Why Marketers Should Be Careful About Consumer Privacy (Links to an external site.) and Christian Ofori-Boateng’s Your Big Data Responsibility: The Rise in Data Ethics (Links to an external site.).
Based on the content of these articles, respond to the following:
- Describe the microeconomic principles being used. What is driving the demand for data? What impact will regulations on the use of private data have on supply, and thus, firms?
- Evaluate the different market structures that big data benefits the least and the most from.
- While data collection may benefit the business community, discuss the concerns for consumers as big data proliferates.
2) Prior to beginning work on this discussion, read Chapter 10 in your textbook. Patents are granted for 20 years, but pharmaceutical companies cannot use their patent-guaranteed monopoly powers for anywhere near this long because it takes several years to acquire Food and Drug Administration (FDA) approval of drugs.
In your initial post, respond to the following:
- What purposes do barriers to entry created by the government serve?
- What are other barriers to entry in the pharmaceutical industry?
- Should drug patents be extended to 20 years after FDA approval?
- Explain the potential costs and benefits from this extension