Abstract:This chapter summarizes the overall tendering and contracting process in the pharmaceutical industry by providing an overview of the first-sealed price auction theory, auction rules, and drug pricing mechanism of different countries. Comparing procurement systems across Asia, Africa, Europe, and Latin America, the review casts light on various pharmaceutical bidding systems across the world and their impact on drug prices. Then, this review focuses on the empirical estimation of first-price auction models. In … Show more
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