The elasticity of drugs demand in Colombia’s pharmaceutical market

The elasticity of drugs demand in Colombia’s pharmaceutical market

Based on a dynamic specification of the AIDS model arisen from cointegration techniques, this research estimated the elasticity of the intra-molecular, brand and generic demand for three tracer conditions: essential hypertension, diabetes and hyperlipidemia both in the non-profit and private Colombi...

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Main Authors: Johanna Vásquez Velásquez, Karoll Gómez Portilla, Elkin Castaño Vélez, José Vicente Cadavid Herrera, Andrés Ramírez Hassan
Format: Article
Language:English
Published: Universidad EAFIT 2013-06-01
Series:Ecos de Economía
Subjects:
Elasticidades
Mercado farmacéutico
Modelo AIDS, Cointegración
Online Access:http://publicaciones.eafit.edu.co/index.php/ecos-economia/article/view/2162
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spelling doaj-7a0b774d0535468fa72a63ecc5ff07aa2020-11-25T01:07:25ZengUniversidad EAFITEcos de Economía 1657-42062013-06-0117361471721825The elasticity of drugs demand in Colombia’s pharmaceutical marketJohanna Vásquez Velásquez0Karoll Gómez Portilla1Elkin Castaño Vélez2José Vicente Cadavid Herrera3Andrés Ramírez Hassan4Grupo de Econometría Aplicada (GEA), Centro de Investigaciones Económicas (CIE), Universidad de Antioquia.Universidad Nacional de Colombia, Sede Medellín. Investigadora, Grupo de Econometría Aplicada (GEA), Centro de Investigaciones y Consultarías (CIC), Universidad de Antioquia, y Centro de Estadística Aplicada a Estudios Socioeconómicos (Ceaes), Universidad Nacional de Colombia, sede Medellín.Grupo de Econometría Aplicada (GEA), Centro de Investigaciones y consultarías (CIC), Universidad de Antioquia, Colombia. Docente en la Escuela de Estadística, director del Centro de Estadística Aplicada a Estudios Socioeconómicos (Ceaes), Universidad Nacional de Colombia.Centro de Investigaciones Económicas y Financieras (CIEF), Universidad EAFIT.Grupo de Estudios en Economía y Empresa, Escuela de Economía y Finanzas, Centro de Investigaciones Económicas y Financieras (CIEF), Universidad EAFIT.Based on a dynamic specification of the AIDS model arisen from cointegration techniques, this research estimated the elasticity of the intra-molecular, brand and generic demand for three tracer conditions: essential hypertension, diabetes and hyperlipidemia both in the non-profit and private Colombian market. The estimate of the intra-molecular demand elasticity allows us to conclude that both brand-name and generic drugs are inelastic to price changes, they are luxury goods according to expenditure elasticity and intra-molecular replacement seems to exist due to the elasticity of substitution.http://publicaciones.eafit.edu.co/index.php/ecos-economia/article/view/2162ElasticidadesMercado farmacéuticoModelo AIDS, Cointegración
collection DOAJ
language English
format Article
sources DOAJ
author Johanna Vásquez Velásquez
Karoll Gómez Portilla
Elkin Castaño Vélez
José Vicente Cadavid Herrera
Andrés Ramírez Hassan
spellingShingle Johanna Vásquez Velásquez
Karoll Gómez Portilla
Elkin Castaño Vélez
José Vicente Cadavid Herrera
Andrés Ramírez Hassan
The elasticity of drugs demand in Colombia’s pharmaceutical market
Ecos de Economía
Elasticidades
Mercado farmacéutico
Modelo AIDS, Cointegración
author_facet Johanna Vásquez Velásquez
Karoll Gómez Portilla
Elkin Castaño Vélez
José Vicente Cadavid Herrera
Andrés Ramírez Hassan
author_sort Johanna Vásquez Velásquez
title The elasticity of drugs demand in Colombia’s pharmaceutical market
title_short The elasticity of drugs demand in Colombia’s pharmaceutical market
title_full The elasticity of drugs demand in Colombia’s pharmaceutical market
title_fullStr The elasticity of drugs demand in Colombia’s pharmaceutical market
title_full_unstemmed The elasticity of drugs demand in Colombia’s pharmaceutical market
title_sort elasticity of drugs demand in colombia’s pharmaceutical market
publisher Universidad EAFIT
series Ecos de Economía
issn 1657-4206
publishDate 2013-06-01
description Based on a dynamic specification of the AIDS model arisen from cointegration techniques, this research estimated the elasticity of the intra-molecular, brand and generic demand for three tracer conditions: essential hypertension, diabetes and hyperlipidemia both in the non-profit and private Colombian market. The estimate of the intra-molecular demand elasticity allows us to conclude that both brand-name and generic drugs are inelastic to price changes, they are luxury goods according to expenditure elasticity and intra-molecular replacement seems to exist due to the elasticity of substitution.
topic Elasticidades
Mercado farmacéutico
Modelo AIDS, Cointegración
url http://publicaciones.eafit.edu.co/index.php/ecos-economia/article/view/2162
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