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StudentIntroEconsExemplar1-CanadianEpiPenMarketAnalysis1.pdf
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Canadian EpiPen Market Analysis Introductory Economics, Past Student Article Analysis – Exemplar from S1 2018
Lecture Topics: L2 ‘Demand and Supply’; L3 ‘PEd and Revenue’; L4 ‘Economic Efficiency ‐ Consumer & Producer Surplus’
1.0 Introduction
1.1 Article Summary
EpiPen is a lifesaving device for those with severe anaphylactic allergies all over the world, they are considered an absolute necessity for these people and so a supply shortage proves catastrophic. The purpose of an EpiPen is to inject a life‐saving dose of epinephrine to a patient experiencing an anaphylactic reaction. These devices are designed to be carried at all times by those with life threatening allergies and can be administered easily, likely saving a life before an ambulance can reach the patient. In the Global News article published April 13th 2018, ‘EpiPen Shortage in Canada Expands due to Manufacturing Issues’ (Abedi 2018), the reason given for the shortage was “limited third party quantities of a component for the product”. Mylan is responsible for EpiPen’s supply in Canada and has released statements with Health Canada saying that use of an expired EpiPen is preferable to not using an EpiPen at all (Abedi 2018).
1.2 Essay Overview
The purpose of this essay is to apply microeconomic concepts to the recent events within the Canadian EpiPen market to critically examine the causes and impacts of the situation. The shortage of supply will impact the market equilibrium point, while the elasticity of both demand and supply can be represented and concluded using facts about the market. Finally, the efficiency of the market depends upon where market equilibrium eventually settles and the future of the supply in the market.
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2.0 Article analysis
2.1 Demand and Supply
‘Demand’, in its most simple economic terms, is the quantity of a good or service that a consumer is willing and able to purchase at a given price. A number of factors impact a consumers’ demand such as their level of income, price of related goods, and expectations of the future; while the most influential is the actual price of the good or service. The relationship between demand and price can be better explained by the law of demand, which states that: when the price of a product rises, ceteris paribus, the quantity demanded of the product will decrease, and vice versa (Hubbard et al. 2015). The law therefore presents quantity demanded and price as having an inverse relationship, i.e. as a downward‐sloping demand curve. In the chosen article, the fact that the “shortage of EpiPens in the country has expanded” (Abedi 2018) indicates that demand continues to further exceed supply, i.e. consumers are demanding more EpiPens than are currently available in the market (shortage due to manufacturing delays). This shortage is represented by the shaded area in Figure 1 below.
When a shortage exists, a force known as the ‘invisible hand’ usually works to move the market back to equilibrium, this happens without any government intervention. As the shortage is only expected to be temporary and relatively short‐term, it is unlikely that prices of EpiPens will be adjusted to account for the shortage and move the market back to a natural equilibrium. As well as adjustment to prices, another method to help decrease/remove a shortage is to impose a quantity limit per consumer, which some pharmacies have done in Canada. Supply is the ‘producer version’ of demand. It represents producers’ willingness to supply products at a given price point. The law of supply states that – ceteris paribus – the higher the market price, the greater the quantity supplied (Hubbard et al. 2015:64). Non‐price factors that influence supply cause a shift of the curve, as opposed to a movement along the curve. As stated in the article, the shortage in the market is due to a reduction in supply, diagrammatically (Figure 1) we can see this represented as a leftward shift of the supply curve. The shift in supply is caused by manufacturing delays of the EpiPen, where a particular component that is outsourced is not meeting production expectations leading to an overall
Figure 1: Reduction in supply creating a shortage in the Canadian EpiPen Market.
EpiPen Market in Canada
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reduction in supply. This has naturally led to a reduction in quantity demanded and an increase in price.
2.2 Elasticity measurement and determinants
The concept of elasticity is crucial in explaining changes such as in the EpiPen market discussed in this paper. Price‐elasticity of demand is defined as the responsiveness of the quantity demanded to a change in price (Hubbard et al. 2015). It is calculated by dividing the percent change in quantity demanded by the percent change in price. The resulting coefficient’s absolute value is used to represent the price elasticity of demand: greater than one (1) indicates a relatively elastic good, whereas less than one (1) indicates that demand for the good is relatively inelastic; it represents how ‘sensitive’ consumption is to changes in price. A‐number of factors impact the elasticity of a good or service such as the availability of substitutes, whether it’s a necessity versus a luxury, and the proportion of income the good/services costs. In the case of the EpiPen market, there‐is currently no substitutes available in Canada as stated in the main article (Abedi 2018). This creates a ‘monopoly’ type market where the sole producer of EpiPen (controlling 90% of the EpiPen market), Mylan, has control (Mole 2016). The lack of substitutes for a product which is considered a necessity means demand is relatively inelastic, as represent in Figure 2 below by the close‐to‐vertical demand curve. The price increase of EpiPens over the past decade from approximately $100 per pack of two to $600 has seen the vital lifesaving device become unaffordable for some families, but because of the inelasticity, we would see a much smaller percentage decrease in quantity demanded compared to the percentage increase in price over this period. Elasticity can also be presented numerically by comparing percentage‐price increases to percentage demand decreases. Although‐exact sales figures in Canada are not accurately known, Mylan CEO concluded that the company‐sells around 4 million two packs a year (Mole 2016). Using these figures and the relative 2007 and 2016 prices (Mole 2016) we can calculate the price elasticity of demand coefficient, in this case on the diagram, it is 0.02, See this approximately represented in Figure 2 below.
Figure 2: (approximately) a 508% increase in price caused only a 12.5% decrease in demand, representing its inelasticity.
EpiPen Market in Canada
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Just as with demand, there are a number of factors that impact the elasticity of supply. Some key determinants are: time taken to manufacture, type of industry, availability of supply, and presence of existing capacity. In comparison to a good such as a car or house, the manufacturing time for an EpiPen is relatively short, this along with the almost monopolised industry makes supply relatively elastic when there is no shortage in the market, but as the shortage appeared in recent times and production became difficult, the supply curve may change in its gradient to appear relatively more inelastic for a period of time. This difference is compared in the two diagrams below.
2.3 Economic Efficiency at market equilibrium
A market is defined as being at equilibrium when consumers’ willingness to pay equals producers’ willingness to sell, i.e. marginal benefits (what the consumer gains from each additional purchase of a product) equals marginal costs (what the producer gains from each additional‐sale of a product). Consumer surplus is the difference between the highest price a consumer was willing‐to‐spend and what they actually‐paid, while producer surplus is the difference between the lowest price they would sell the good for and what it was‐actually sold for. Currently, the EpiPen‐market in Canada is not at equilibrium, as producers cannot supply what consumers are demanding, this may have also contributed to a further rise in price and in Figure 5 we can see how the market equilibrium was impacted. When a market is completely efficient and is at market equilibrium, both producers and consumers receive maximum‐benefit. Total revenue represents the total (monetary) benefit of the market to both consumers and producers, and whenever the market is not operating at this point where the demand and supply curve intersect (and marginal benefits equal marginal costs) the market is not properly efficient and producing maximum revenue, this lost benefit is referred to as dead weight loss, and is identified and explained in Figure 5.
Figure 3: Supply would appear more elastic when the market is functioning normally.
Figure 4: During the current shortage, supply would become slightly more inelastic as production becomes difficult.
EpiPen Market in Canada EpiPen Market in Canada
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While the dead weight loss (areas c, d, f, g) represented in the EpiPen market diagram above is substantial, the current nature of the industry is creating even more loss, particularly for society (i.e. the primary consumers of EpiPen). The extremely high entry barriers that have allowed Mylan to have almost complete market control, meaning that prices are exceedingly high ($608 per two‐pack) (Mole 2016). If there was greater competition in the market, you could expect to see both demand and supply shift right as a greater number of producers allow prices to fall. In the long term, this would improve total market efficiency in Canada for EpiPens as the entire market expands.
3.0 Conclusions
The monopolised nature of the EpiPen‐market in Canada is not efficient or safe for those who rely on EpiPens. By allowing Mylan to dominate the market, Canada has left itself vulnerable to a huge problem, being the current shortage that leaves thousands of anaphylaxis patients in jeopardy. The government needs to reassess the current entry barriers that are making it impossible for rival producers to enter the market, as sharing the market power will not only prevent crises like this in the future, but will ultimately lead to a more efficient market with cheaper EpiPens. Secondly, there should be legislation passed concerning the responsibility of those companies which produce such vital, life‐saving goods such as EpiPens. Although obviously non‐ intentional, the shortage of supply that has caused panic among parents and allergy sufferers should not have been allowed to happen. By imposing penalties for failing to meet certain production levels of life saving drugs etc. the shortage could have been avoided as Mylan would have likely paid much‐more attention to any smaller issues appearing in its supply chain.
Figure 5: Before decrease in supply: Consumer surplus = a, b, c, d While producer surplus = e, f, g. After the decrease in supply: Consumer‐surplus decreased significantly by b, c, d. Producer surplus increased by b but decreased by f, g. Areas f and g are lost profits for the producer(s), but the main firm (Mylan) captures extra profit from the lost consumer surplus of area ‘b’.
EpiPen Market in Canada
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4.0 References
Abedi, Maham (2018) “EpiPen Shortage in Canada Expands Due to Manufacturing Issues”, Global News, April 13. https://globalnews.ca/news/4141003/epipen‐shortage‐health‐canada‐pfizer/
Berkrot, Bill (2018) “EpiPen Shortages Seen in Canada, UK but US Supply Intact”, Reuters, April 14. https://www.reuters.com/article/us‐mylan‐nl‐pfizer‐epipen/epipen‐shortages‐seen‐in‐canada‐uk‐but‐ u‐s‐supply‐intact‐idUSKBN1HK2YG
Hubbard, Glenn, Anne Garnett, Phil Lewis, and Anthony O’Brien (2015) Introductory Economics (Custom Edition), 1st edn, Sydney, NSW: Pearson Australia.
Mole, Beth (2016) “EpiPen Maker CEO to Seething Lawmakers: We’re Doing the World a Favor”, Ars Technica, September 23. https://arstechnica.com/science/2016/09/epipen‐maker‐ceo‐to‐ seething‐lawmakers‐were‐doing‐the‐world‐a‐favor/
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5.0 Scanned Copy of Main News Article
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