Peer and Professor response: I will list the original post and the question my professor had to it. Also will list two student peer post that need responding to. No more than 4-6 sentences.
Deidra Q#1
Created by Deidra on Jul 13, 2016 12:56 PM
The US-based government agency bold pharmaceuticals as a sensitive sector that affect everybody ranging from local to global scale. (Baines, 2010) explain the stiff competition arising from the generic drugs, which mostly does not meet the quality standards as "off-labels" is often cited as the economic rationale for necessary regulations in the pharmaceuticals. This phenomenon has instead led to high drug costs and insufficient medicines, particularly in the US market. The complexity of pharmaceuticals is heavily prone to the declining trend with regard to new discoveries, endorsement or approval as well as the required marketing strategies allowing free entry of drugs to the market. For instance, thousands of babies in the European region died as a result of their mothers taking thalidomide believed to be a tranquilizer to alleviate morning sickness. This justification has prompted the enactment of the Kefauver-Harris Amendment in the year 1962 to safeguard the welfare of the mothers and their children. In this case, (Baines, 2010) observes that the regulations of pharmaceuticals should occur extensively as long as the welfare of the people is prioritized and the stakeholders have consented with those pharmaceutical policies.Largely, the government, regulatory agencies and the public are perceived to think that regulations are positive since they are there to serve their interests of safety and cost of treatment. However, the medical providers and the pharmaceutical manufacturers feel that the regulations are negatively in the realm that their returns on investment are adversely affected.
Question By my professor:
• Amanda Neikam
Deidra
So in economic terms what is happening via the regulation?
PN
Q6
Lauren Mack posted Jul 13, 2016 10:53 PM
6. Discuss the economic impact of regulating medical devices in the United States. Explain how this effects the pace of technology and impacts the US economy.
It is the responsibility of the Food and Drug Administration to ensure the safety of medical devices before they are used in practice on patients. Medical devices can include everything from the band on the blood pressure machine, to needles, to scalpels, to pace makers. It is important for the FDA to ensure that these materials are safe for use so that patients are not harmed by these materials. However, waiting for approval can take some time and result in business being moved overseas. Although, this can present an issue to the United States economy, since other markets have the potential to gain business that the U.S. is moving slowly on, other markets do look to the U.S. to see what regulations have been passed here by the FDA before they implement them. Overall, in this case, I believe slow and steady wins the race. It may take more time for devices to be approved, but that is because the devices go through rigorous testing to ensure the safety of patients who will be utilizing them.
Respond to Lauren Here:
Billie Thorne
And advantage of physicians being licensed is that they are held to the states standards. These standards for licensing ensure that others are not engaging in medical practice activities without a license. This can impact the patients and insurance companies because it would cost them more for a task that someone with less training could provide.
A disadvantage with the licensing system is in the area of reporting substandard care to the public. To avoid the high costs of long hearings, state boards routinely negotiate with a patient for a voluntary settlements for offenses that are not as extreme. In these situations the physician is not found guilty which would not make the information public. This makes it to where other patients are not able to be aware of the physician's wrong doings and they are unable to avoid these low-quality physicians. In this situation if the physician has a high rate of claims against them their malpractice insurance rates will be higher which in turn can cause higher premiums for their patients. But if the physician is willing to engage in practices known to reduce medical errors they may be offered discounts from the insurance company. With the physician being offered a discount it could lower the costs to the patients.
Respond to Billie Here: