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13 Cards in this Set

  • Front
  • Back
What is a "market failure"?
when the free market does not act efficiently to promote happiness-maximizing behavior

1. Public goods
2. Externalities
3. Natural Monopolies
4. Information Asymmetry
Define: Public goods

What are two examples in pharmacy?
Public goods are the necessary and beneficial commodities that private entities will not supply because there is no incentive for a private entity to provide them

Ex: orphan drugs, vaccines
- because the open market will not make these drugs available, gov't must step in to ensure their availability for those who need them
Define: Externalities

What is an example in pharmacy?
An externality is when the production or consumption of a good affects someone who does not fully consent to the effect and when the costs of a good are not fully incorporated into the price a consumer pays for the good

Ex: overuse of antibiotics
- a person who misuses antibiotics does not consider increased resistance
Define: Natural monopoly

What is an example in pharmacy?
when the fixed costs are high relative to the variable costs

Ex: cost of demonstrating safety and efficacy of a new drug
Define: Information Asymmetry

What is an example in pharmacy?
when the consumer is uninformed about the true value of a good

Ex: benefits and detriments of drugs are often difficult for untrained individuals to understand
- gov't requires input of trained professionals for decisions about drug use
Rank the four types of statutes in hierarchical order.
Federal Statutes
State constitutions
State legislation
Ordinances
What is the function of administrative agencies?
implement desired changes in policies or
administer a body of administrative law when the legislature itself cannot perform these functions

e.g. it is impossible for the state legislatures to monitor the activities of pharmacists on a regular basis so the responsibility is relegated to state boards of pharmacy
CMS
Center for Medicare & Medicaid Services
DHHS
Department of Health and Human Services
What is the CFR?

How often is it revised?
Code of Federal Regulations

updated annually
Define: Common Law
Law made by the courts
What is "stare decisis"?
"to abide by decided cases"

- a court's establishment of a certain rule of law based on a particular set of facts becomes a precedent that all lower courts in that jurisdiction must follow
What act provides for the comprehensive regulation of all drugs in interstate commerce?
FDCA - Federal Food, Drug, & Cosmetics Act