market power, barriers to entry, monopoly, nudge
In 2015, Turing Pharmaceuticals were accused of taking advantage of their market power by raising overnight the price in the USA of a life-saving HIV drug, Pyrimethamine (sold as Daraprim), from $13.50 to $550. This put at risk vulnerable patients’ ability to access a potentially life-saving drug. Why and how are pharmaceutical companies able to increase prices in this way?
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